Citi Maintains Hold on ConocoPhillips

Citi is out with its report today on ConocoPhillips (NYSE: COP), maintaining Hold.

In a note to clients, Citi writes, "We rate shares of COP Hold/High Risk (2H). Strong free cash flows from COP's legacy portfolio, a robust share repurchase program, high commodity prices and a stable dividend are balanced against declining production from legacy fields, future concerns over production growth and future upstream capital intensity."

At the time of posting, shares of COP were trading pre-market at $80.38, up 8.04% from Wednesday's close.