Citi cuts ConocoPhillips target, sees ‘value-opportunity’

Citi lowered the firm’s price target on ConocoPhillips (COP) to $115 from $140 and keeps a Buy rating on the shares. ConocoPhillips’s underperformance since early 2024 has the stock back to four-year lows versus the U.S. energy index, in effect eroding all the gains of the company’s “transformative” acquisitions, the analyst tells investors in a research note. The firm believes this presents a “value-opportunity to own an energy equity that can remain resilient and differentiated in an environment where OPEC’s new strategy is likely to test business models for many.” Citi still sees “substantial upside” in ConocoPhillips shares.