UBS Maintains a 'Sell' on ConocoPhillips (COP); Update From Investor Meeting

UBS maintains a 'Sell' on ConocoPhillips (NYSE: COP) price target raised $2 to $64.

Analyst, William A. Featherston, said, "COP reiterated its key targets: 1) 2012 production of ~1.55 MMBoed; 2) 3-5% production growth per annum through 2016; 3) 3-5% per annum improvement in margins; 4) $15 billion in capex/annum through 2016; and 5) average F&D costs of $20/Boe."

"Are these targets achievable? In order for reserve growth to broadly match production growth (~3% per annum), we estimate capex would have to increase by $3-4 billion in 2015-16 or the company would have to materially outperform its $20/Boe F&D target." (UBS raises FY12 EPS estimate from $8.55 to $8.62, but lowers FY13 from $8.77 to $8.36)

For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.

Shares of ConocoPhillips closed at $73.83 yesterday.

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