Raymond James Lifted PT on ConocoPhillips (COP) Stock

ConocoPhillips (NYSE:COP) is one of the Most Undervalued Long Term Stocks to Buy According to Hedge Funds. On July 22, Raymond James lifted the price objective on the company’s stock to $117 from $109, while keeping an “Outperform” rating, as reported by The Fly. While there are macro uncertainties, the oil price has, for the time being, witnessed a recovery. Therefore, the firm sees minimal activity changes from management teams.

Amidst a volatile macro environment, ConocoPhillips (NYSE:COP) remains confident in the competitive advantages offered by the differentiated portfolio, healthy balance sheet, and disciplined capital allocation framework, which prioritizes returns on and of capital to shareholders. ConocoPhillips (NYSE:COP) believes that its fundamental long-term value proposition remains differentiated. It possesses a deep, durable, and diverse portfolio with decades of high-quality, low-cost supply inventory to develop.

Furthermore, the company remains on the cusp of a compelling multi-year FCF growth trajectory, thanks to its high-quality, longer-cycle investments in Alaska and LNG.

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Disclosure: None. This article is originally published at Insider Monkey.