RBC Capital lowered the firm’s price target on ConocoPhillips (COP) to $115 from $120 but keeps an Outperform rating on the shares. Debate remains on the quantum of the company’s 2025 shareholder returns and waiting for the free cash flow inflection point over the coming years, though the recent market volatility and impending working capital headwinds drove the pivot to the downside in the stock, the analyst tells investors in a research note.
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Read More on COP:
- OPEC+ may discuss July oil output hike over 411,000 bpd, Reuters reports
- ConocoPhillips put volume heavy and directionally bearish
- OPEC+ could discuss 2027 baselines, July hike this week, Reuters reports
- ConocoPhillips price target lowered to $106 from $107 at BofA
- OPEC+ considering another output hike for July, Bloomberg reports
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