ConocoPhillips price target lowered to $138 from $145 at Truist

Truist lowered the firm’s price target on ConocoPhillips to $138 from $145 and keeps a Buy rating on the shares as part of a broader research note on E&P names. Well results and maintenance programs in the sector remain on track, but the firm is adjusting its model with a “more appropriate commodity price deck”, driving price targets lower, the analyst tells investors in a research note. Many investors also continue to have a negative oil bias, causing leverage to remain a primary focus the remainder of the year and into 2025, though the firm believes that WTI will likely find support at $65 per barrel while natural gas prices could have a difficult time holding $3/m until mid-2025 given ample incremental supply and notable incremental demand taking slightly longer than anticipated to materialize, Truist added.