Equities researchers at JPMorgan Chase upped their target price on shares of ConocoPhillips (NYSE: COP) to $70.00 in a report issued on Friday.

The analysts wrote, “[W]e believe current valuation levels are relatively undemanding, with the stock price broadly supported on the value of proved reserves at year-end 2012, and we believe operational performance in line with guidance may position COP for continued share price appreciation. We adjust our EPS estimates and increase our YE2013 price target to $70/share, largely based on our revised NAV, and maintain our OW rating.”

Shares of ConocoPhillips traded up 0.29% during mid-day trading on Friday, hitting $58.12. ConocoPhillips has a 52 week low of $50.62 and a 52 week high of $78.29. The stock’s 50-day moving average is currently $58.65. The company has a market cap of $70.964 billion and a P/E ratio of 8.62.

ConocoPhillips last posted its quarterly earnings results on Wednesday, January 30th. The company reported $1.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.43. The company had revenue of $15.40 billion for the quarter, compared to the consensus estimate of $13.22 billion. On average, analysts predict that ConocoPhillips will post $5.45 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse reiterated a “neutral” rating on shares of ConocoPhillips in a research note to investors on Friday. They now have a $70.00 price target on the stock, up previously from $65.00. Separately, analysts at Barclays Capital reiterated an “equal weight” rating on shares of ConocoPhillips in a research note to investors on Friday. They now have a $62.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of ConocoPhillips in a research note to investors on Friday, February 22nd. They now have a $61.00 price target on the stock.

Six analysts have rated the stock with a buy rating, two have given an overweight rating, eight have given a hold rating, one has issued an underweight rating, and three have given a sell rating to the stock. ConocoPhillips has a consensus rating of “hold” and an average target price of $61.85.

The company also recently declared a quarterly dividend, which is scheduled for Friday, March 1st. Stockholders of record on Monday, February 18th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend is Thursday, February 14th.

ConocoPhillips is an international integrated energy company. The Company’s segments include Exploration and Production (E&P), which primarily explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas and natural gas liquids on a worldwide basis; Midstream, which gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, predominantly in the United States and Trinidad; Refining and Marketing (R&M), which purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia; Chemicals, which manufactures and markets petrochemicals and plastics on a worldwide basis, and Emerging Businesses, which represents its investment in new technologies or businesses outside the Company’s normal scope of operations.

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