NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) were slightly higher in early afternoon trading Monday, after Goldman Sachs upgraded it to "buy" from "neutral" based on an "attractive combination of free cash flow, capital allocation and valuation upside," according to the note.
Najarian Family Office cofounder Pete Najarian recently sold out of the stock but said on CNBC's Halftime Report this afternoon that he doesn't regret doing so because it's had a "pretty spectacular move" to the upside already.
"I don't disagree with the call. But I think after the move that it's had, it's OK to walk away for a while," he advised.
Goldman Sachs based its call partly on the underperformance YTD of ConocoPhillips compared to Chevron (CVX) and Exxon Mobil (XOM) , noted Virtus Investment Partners chief market strategist Joe Terranova on the show.
"I don't know necessarily if you buy it just alone on the underperformance," he said. "I don't know if that's the right strategy."
Going forward, ConocoPhillips is going to need to sell "a lot of prime assets" and some natural gas assets and it will have to lift the dividend again, Terranova noted. "So there's a lot that kind of has to come into play here."
Separately, 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.