Investors should buy ConocoPhillips shares as the energy company's financial results will benefit from rising oil prices, according to Cowen, which raised its rating on the firm to outperform from market perform.
"COP's unique portfolio provides it with the ability to increase cash flow without materially increasing its capital program," analyst Charles Robertson wrote in a note to clients Monday.
The company has "portfolio leverage to Brent benefits from OPEC cut. We see COP's EBITDA increasing over 100% YoY, mainly from the increase in commodity price" to $55 per barrel.
Oil prices hit an 18-month high Monday after OPEC and non-OPEC countries agreed to reduce production. The price of crude oil is up more than 20 percent in the past month and more than 40 percent this year.