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Fly News Breaks for December 6, 2019
COP
Dec 6, 2019 | 07:53 EDT
MKM Partners analyst John Gerdes initiated coverage of ConocoPhillips with a Buy rating and $72 price target. The analyst cites the company's Eagle Ford and Alaska assets as core growth and value drivers over the next several years with 9% free cash flow yield in 2020. Assuming NYMEX oil price of $55 per barrel and natural gas price at $2.65, Gerdes sees ConocoPhilips average free cash flow yield at 7% and annual production rate of 1% from 2021 through 2024.
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