Friday, July 30, 2010

Bank of America (NYSE:BAC) Upgrades Conoco (NYSE:COP)

ConocoPhilllips (NYSE:COP) received an upgrade from Bank of America (NYSE:BAC), as the oil giant more than doubled earnings in the second quarter.

Bank of America upgraded them from "Sell" to "Neutral" on their strong earnings, which came to $4.16 billion, or $2.77 a share. Last year in the same quarter they generated earnings of $859 million, or 57 cents a share.

The financial institution also like the fact Conoco is going to sell the entire stake it has in Lukoil, the largest non-government oil company in Russia.

Bank of America set a price target on Conoco of $61 a share. Conoco closed yesterday at $54.56, gaining $0.67, or 1.24 percent.


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