In a report released yesterday, Roger Read from Wells Fargo maintained a Buy rating on Conocophillips, with a price target of $117.00.
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Roger Read has given his Buy rating due to a combination of factors, including an upward revision of earnings estimates for Conocophillips. The adjustments in the Q2’25 and FY25 earnings estimates reflect improved realizations, although they are partially offset by an increased tax rate. The production volumes are expected to remain stable, aligning with the midpoint of guidance, and shareholder distributions are anticipated to stay consistent.
Furthermore, the decision to lower FY26 capital expenditures to align with the H2’25 trend supports a positive outlook. The upcoming earnings call is expected to address significant macroeconomic questions, including the oil, NGL, and gas mix, realization drivers, and updates on various strategic initiatives such as the Willow development and M&A outlook. These factors collectively contribute to a favorable investment perspective for Conocophillips.
In another report released on July 8, Barclays also maintained a Buy rating on the stock with a $120.00 price target.
COP’s price has also changed slightly for the past six months – from $101.920 to $95.370, which is a -6.43% drop .