In a report released yesterday, Kalei Akamine from Bank of America Securities maintained a Buy rating on Conocophillips (COP – Research Report), with a price target of $138.00.
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Kalei Akamine has given his Buy rating due to a combination of factors that indicate a strong growth outlook for ConocoPhillips. The company reported a modest earnings beat in the fourth quarter of 2024, driven by increased production in the Lower 48 regions, particularly from the Permian Basin. This boosted both earnings and cash flow, surpassing market expectations and demonstrating solid operational performance.
Furthermore, ConocoPhillips has shown impressive capital management, with cash returns and acquisitions aligning well with their strategic goals. The company has maintained a robust cash position, and its future production and capital expenditures are on track with its guidance. The anticipated capital synergies from the Marathon Oil acquisition are materializing, and with a significant upside potential to the discounted cash flow valuation, ConocoPhillips represents an attractive investment opportunity. These factors contribute to Akamine’s confidence in maintaining a Buy rating for the stock.
According to TipRanks, Akamine is a 3-star analyst with an average return of 3.1% and a 53.49% success rate. Akamine covers the Energy sector, focusing on stocks such as APA, CNX Resources, and EOG Resources.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $132.00 price target.