On Friday analysts at Wells Fargo initiated coverage on oil company ConocoPhillips (COP).

The analysts start COP off with an “Outperform” rating and a valuation range of $72 to $78. The valuation is roughly a +30% upside from Thursday’s closing price of $56.98.

Wells Fargo commented, “We have initiated coverage of ConocoPhillips (COP) with an Outperform rating on the shares and valuation range of $72-78. Our rating reflects ConocoPhillips’ favorable reserves and acreage positions, expected production profile and balance sheet strength that should support growth with reasonable returns.”

ConocoPhillips shares were flat in premarket trading on Friday. The stock is down -20.86% year-to-date.

The Bottom Line
We have been recommending shares of ConocoPhillips (COP) since May 10, when the stock was trading at $53.47. The company has a 4.63% dividend yield, based on last night’s closing stock price of $56.98.

ConocoPhillips (COP) is recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.