Analysts at UBS on Thursday upgraded ConocoPhillips stock to buy from neutral after the energy company agreed to sell its 50% stake in a Canadian oil sands partnership and other oil sands assets to Calgary-based Cenovus Energy Inc. for $13.3 billion. ConocoPhillips is selling a low-growth, low-margin asset that will enable it to reduce its debt load and boost its share buyback program, the analysts said. It also improves ConocoPhillips’ production mix, they said. The analysts also raised their price target on the shares to $55 from $51. Shares of ConocoPhillips lead the S&P 500’s energy subindex, up nearly 8% in midday trading.
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