Jefferies keeps a Buy rating and $120 price target on ConocoPhillips (COP) while noting that the company offers an underappreciated and differentiated resource in 2030 and beyond. In the nearer-term, ConocoPhillips seems prepared to lean on its balance sheet to maintain shareholder returns given its catalysts, the analyst tells investors in a research note. Jefferies adds that it is watching upward revisions to Willow’s resource as improved permitting could allow for more exploration.
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