The company can modestly increase capital expenditure by 2017, analysts said.
Consequently, the firm raised its valuation to a range between $40 and $44, up from its previous $39 to $43 range.
Meanwhile, Crude oil (WTI) is gaining by 0.25% to $31.95 per barrel and Brent crude is spiking by 2.92% to $34.24 per barrel.
Oil turned positive after falling earlier in the morning as investors shook off comments from Saudi Oil Minister al-Naimi saying that production cuts will not happen, CNBC.com reports.
ConoPhillips stock is falling by 1.12% to $32.55 on Wednesday afternoon.
Separately, TheStreet Ratings currently has a "Hold" rating on stock with a letter grade of C-.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: COP