Despite the sharp deterioration in the macro backdrop in the last few months, ConocoPhillips (

Despite the sharp deterioration in the macro backdrop in the last few months, ConocoPhillips (COP) remains well positioned to navigate the current downturn. We estimate that the company will remain free cash flow positive even in a low oil price environment in 2009, without needing to change significantly its investment plans.ConocoPhillips has significantly strengthened its upstream portfolio over the last few years through its Burlington and LUKOIL transactions, and remains a premier domestic refining player. Recent alliances with the Abu Dhabi National Oil Company (ADNOC), Saudi Aramco, and Australia's Origin Energy are catalysts for the company's future growth.On valuation grounds, the stock is compellingly cheap, particularly following the recent sell-off. Our recommendation is Buy and our target price is $80 per share.Read the full analyst report on COP "COP" Free Stock Analysis: Buy? Sell? Hold?...

One of the more important lessons from the initial US$700 billion bailout rejection in the House of Representatives last week was that the business community doesn’t have unlimited goodwill.

When business people abuse their goodwill, as Wall Street executives have with the American public, then the consequences can be severe.

Telecom, under the stewardship of Chairman Sir Roderick Deane, abused its goodwill with New Zealand politicians and shareholders are now paying a huge price.

Contact Energy, which has its head in the sand as far as shareholders and politicians are concerned, could be heading in the same direction.

The problem with Contact Energy is that it is almost totally insensitive to the interest of outside parties.

The company continues to have Phil Pryke and Tim Saunders on its board when a majority of shareholders do not appear to want them.

Saunders was only re-elected as an independent director at last year’s annual meeting because of the

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Houston, Texas-based ConocoPhillips (COP) ranks 3rd in the U.S. and 5th worldwide among the publicly traded energy companies.

ConocoPhillips has significantly strengthened its upstream portfolio over the last few years through its Burlington and LUKOIL transactions and remains a premier domestic refining player. Recent alliances with the Abu Dhabi National Oil Company (ADNOC), Saudi Aramco, and Australia's Origin Energy are catalysts for the company's future growth.

On valuation grounds, the stock is compellingly cheap, particularly following the recent sell-off. We are reiterating our Buy recommendation for the stock ahead of the company's third-quarter results. Our estimates and price objective remain unchanged.

Read the full analyst report on COP

"COP" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research