COP: A Dow Theory Forecast

01/02/2004 12:00 am EST


Richard Moroney

Editor, Dow Theory Forecasts

Dow Theory Forecasts has been published since 1946, making it the longest still-running financial newsletter available. The blue chip-oriented service is edited by Rich Moroney, who is also the editor of Upside, a more speculative quantitative service. For his top 2004 pick, the advisor opts for a growth and income energy play.

"While all integrated oil companies stand to benefit from the resurgence in demand for energy spurred by a global economy, few are as attractively valued as ConocoPhillips (COP NYSE). "The stock trades at a modest valuation relative to projected earnings for 2004. Recent results have been helped by oil and natural gas prices, which remain stubbornly high. ConocoPhillips, the nation's largest refiner, plans to cut costs and boost margins in the next several quarters. The firm plans to spend $6.9 billion in 2004 on capital expenditures. The stock provides a good yield and ample appreciation potential and is an excellent choice for growth-and-income investors."

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