ConocoPhillips (COP) is in the process of divesting $9.6B in assets this year, and Oppenheimer's...

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP) is in the process of divesting $9.6B in assets this year, and Oppenheimer's Fadel Gheit expects it to successfully apply proceeds to help fund new projects and increased production. In raising his target price on COP to $70 from $65, Gheit says the strategy, coupled with a high dividend yield, could lead to 20% multiple expansion and boost the stock.