Conocophillips (COP) Received its Third Buy in a Row

After UBS and Goldman Sachs gave Conocophillips (NYSE: COP) a Buy rating last month, the company received another Buy, this time from Wells Fargo. Analyst Roger Read maintained a Buy rating on Conocophillips today. The company’s shares closed last Monday at $55.95.

According to, Read is a 3-star analyst with an average return of 1.5% and a 54.2% success rate. Read covers the Basic Materials sector, focusing on stocks such as Occidental Petroleum, Valero Energy Corp, and Canadian Natural.

Conocophillips has an analyst consensus of Strong Buy, with a price target consensus of $75.00, a 34.4% upside from current levels. In a report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $79.00 price target.

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Based on Conocophillips’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $7.91 billion and net profit of $1.58 billion. In comparison, last year the company earned revenue of $9.48 billion and had a net profit of $1.86 billion.

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ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East; Other International; and Corporate & Other. The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and natural gas liquids. The Lower 48 segment is consist of operations in the U.S. Lower 48 states and the Gulf od Mexico. The Canada segment is comprised of oil sands development in the Athabasca Region of northeastern Alberta and a liquids-rich unconventional play in western Canada. The Europe and North Africa segment is consist of operations and exploration activities in Norway, the United Kingdom and Libya. The Asia Pacific and Middle East segment has explorations and product operations in China, Indonesia, Malaysia and Australia; production operations in Qatar and Timor-Leste; and exploration activities in Brunei. The Other International segment handles exploration activities in Columbia and Chile. The Corporate and Other segment is comprised of interest expense, premiums incurred on the early retirement of debt, corporate overhead, certain technology activities, as well as licensing revenues received. The company was founded in 1875 and is headquartered in Houston, TX.