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 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 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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This article is originally published at Insider Monkey.