ConocoPhillips: Stable Outlook and Robust Cash Flow Support Buy Rating Despite Price Target Reduction

In a report released yesterday, Roger Read from Wells Fargo maintained a Buy rating on Conocophillips (COP – Research Report), with a price target of $116.00.

Roger Read has given his Buy rating due to a combination of factors including adjustments in production estimates and realizations for Conocophillips. Despite a reduction in the price target to $116, the updated estimates for production volumes align with the company’s guidance, reflecting a stable outlook for the near term.
Additionally, the earnings per share estimates have been slightly adjusted, indicating a positive outlook for the company’s financial performance. The focus on macroeconomic conditions, such as tariff disputes and oil price fluctuations, has led to a more conservative valuation multiple. However, the company’s cash flow and shareholder distribution estimates remain robust, supporting the Buy rating.

In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $114.00 price target.

COP’s price has also changed moderately for the past six months – from $109.470 to $86.450, which is a -21.03% drop .