RBC Capital raised the firm’s price target on ConocoPhillips (COP) to $118 from $113 and keeps an Outperform rating on the shares ahead of its Q3 results. The 2026 formal budget comes early next year, but ConocoPhillips should provide some high level color on the year ahead, and the firm expects up to 2% y/y organic growth over last year’s guidance midpoint of 2,300 Mboe, the analyst tells investors in a research note. The company is also resource-rich whereas scarcity is becoming an issue for others, RBC added.
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