Integrated oil giant ConocoPhillips ( COP ) on Friday saw its price target lowered once again by analysts at The Benchmark Company.
The firm reiterated its "Sell" rating on COP and cut its price target from $62 to $53. That new target suggests a nearly 21% downside from the stock's Thursday closing price of $66.92.
ConocoPhillips shares, which have fallen 1.7% year-to-date, posted modest losses in premarket trading Friday.
The Bottom Line
Shares of ConocoPhillips ( COP ) have a 3.95% dividend yield, based on last night's closing stock price of $66.92. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70 price level.
ConocoPhillips ( COP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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