BMO Capital analyst Phillip Jungwirth initiated ConocoPhillips with an Outperform rating and a price target of $78. The analyst expects the company's "Brent-levered, low-capital-intensive portfolio" to generate free cash flows that are 20%-30% above the management' payout target. Jungwirth also notes ConocoPhillips' "core shale position, conventional project start-up in the near term, and a stable LNG-oil sands production driving output growth". The analyst models $21B of excess free cash flows through FY22 or 26% of its current market cap after including the FY18 dividend payout and debt repayment.