Truist raised the firm’s price target on ConocoPhillips (COP) to $165 from $160 and keeps a Buy rating on the shares. The company’s Marathon Oil (MRO) acquisition should be immediately accretive to earnings and free cash flow per share while boosting the upper quartile inventory, the analyst tells investors in a research note. The pro-forma company could potentially generate over $18B in free cash flow next year, resulting in a yield of over 12%, which would be the highest among the Majors, Truist added.
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