Conocophillips (COP – Research Report), the Energy sector company, was revisited by a Wall Street analyst today. Analyst Suvro Sarkar from DBS reiterated a Buy rating on the stock and has a $130.00 price target.
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Suvro Sarkar has given his Buy rating due to a combination of factors that highlight ConocoPhillips’ strong operational performance and strategic growth initiatives. The company has reported a solid financial performance for the third quarter of 2024, with earnings slightly surpassing expectations, despite a challenging oil price environment. ConocoPhillips has also demonstrated robust production growth, particularly in the lower 48 regions, and has increased its full-year production guidance.
Additionally, ConocoPhillips is focused on expanding its low-cost portfolio by enhancing drilling efficiency and acquiring strategic assets. Notable acquisitions include Concho Resources and Shell’s Permian assets, which have strengthened its position in the prolific Permian Basin. The company is also advancing its LNG strategy with key projects and agreements globally. Furthermore, ConocoPhillips has committed to rewarding shareholders through significant cash returns and share buybacks, promising a near 7% total distribution yield at current prices. These strategic moves and strong shareholder return policies form the basis for the Buy recommendation.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $114.00 price target.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of COP in relation to earlier this year.