In a report released today, David Deckelbaum from TD Cowen maintained a Buy rating on Conocophillips, with a price target of $120.00.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
David Deckelbaum has given his Buy rating due to a combination of factors influencing Conocophillips’s performance and outlook. The company reported a modest beat in its third-quarter results, with production exceeding estimates by 2% and EBITDAX coming in 8% above consensus. This strong performance was driven by higher production volumes in the Lower 48 and Canada, along with effective cost management that offset increased general and administrative expenses.
Furthermore, Conocophillips’s strategic asset sales, including the completion of a $1.3 billion Anadarko sale and additional non-core asset sales, are expected to contribute significantly to its cash flow. Despite the increased cost estimates for the Willow project due to inflationary pressures, the company has managed to secure a $600 million LNG credit, which helps mitigate some of the financial impacts. The company’s guidance for 2026, including production growth and cost management, aligns with expectations, supporting the positive outlook and the Buy rating.
Deckelbaum covers the Energy sector, focusing on stocks such as APA, Sable Offshore, and Coterra Energy. According to TipRanks, Deckelbaum has an average return of 3.6% and a 38.12% success rate on recommended stocks.
In another report released today, Roth MKM also assigned a Buy rating to the stock with a $100.00 price target.