J.P. Morgan cuts PT on ConocoPhillips

J.P. Morgan lowers PT on oil and gas producer ConocoPhillips COP.N to $113 from $115

New PT represents a 31% upside to stock's last close

Brokerage sees a slight dip in Q2 production compared to Q1 on the back of turnaround activity for the full-year in Norway, Qatar and Australia

"We expect ~40,000 barrels of oil equivalent per day (MBoe/d) of turnaround impacts to more than offset the return of ~20 MBoe/d of production from Q1 weather impacts that were concentrated in the Lower 48" - J.P.Morgan

RBC Capital Markets also cut PT to $120 from $133, implying a 39% upside to stock's last close

26 of 29 brokerages rate the stock "buy" or higher, 3 "hold"; median PT is $125 - data compiled by LSEG

Up till last close, shares down 12.9% YTD