ConocoPhillips initiated with a Hold at Melius Research

Melius Research initiated coverage of ConocoPhillips (COP) with a Hold rating and $117 price target The introduction, adoption and acceleration of AI has transformed “Energy & Power” into an AI category and the market is in the early stages of a “Power revolution” that is only in the early innings of shifting leadership toward a whole new group of winners, the analyst tells investors while establishing coverage on several of the Supermajors, many prominent E&Ps, the largest oil service companies and the largest independent power producers.