There’s a lot to be optimistic about in the Materials sector as 3 analysts just weighed in on Encana Corp (NYSE:ECA), Conocophillips (NYSE:COP) and Diamondback (NASDAQ:FANG) with bullish sentiments.
Encana Corp (ECA)
Morgan Stanley analyst Benny Wong maintained a Buy rating on Encana Corp today and set a price target of $19. The company’s shares closed yesterday at $11.33.
According to TipRanks.com, Wong is ranked #4477 out of 4877 analysts.
Encana Corp has an analyst consensus of Strong Buy, with a price target consensus of $17.30, representing a 52.7% upside. In a report issued on October 8, BMO Capital also reiterated a Buy rating on the stock with a $18 price target.
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Conocophillips (COP)
In a report released today, Devin McDermott from Morgan Stanley maintained a Buy rating on Conocophillips, with a price target of $88. The company’s shares closed yesterday at $72.79.
According to TipRanks.com, McDermott is a 2-star analyst with an average return of 1.7% and a 31.8% success rate. McDermott covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Range Resources Corp, and Southwestern Energy.
Conocophillips has an analyst consensus of Moderate Buy, with a price target consensus of $84.50, representing a 16.1% upside. In a report issued on October 5, Citigroup also maintained a Buy rating on the stock with a $90 price target.
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Diamondback (FANG)
In a report released today, Drew Venker from Morgan Stanley maintained a Buy rating on Diamondback, with a price target of $171. The company’s shares closed yesterday at $124.63.
According to TipRanks.com, Venker ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.1% and a 32.7% success rate. Venker covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Continental Resources, and Range Resources Corp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Diamondback with a $167.64 average price target, a 34.5% upside from current levels. In a report issued on October 2, Oppenheimer also initiated coverage with a Buy rating on the stock with a $166 price target.
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