Jefferies analyst Lloyd Byrne believes ConocoPhillips (COP) has the best duration of oil weighted assets in the firm’s E&P coverage coupled with downside protection from a strong balance sheet. At 5.2-times 2Y consensus EBITDA, ConocoPhillips trails major U.S. peers at 6.5-times, says Jefferies. ConocoPhillips is the firm’s top pick in 2025 on the expectation “management/investors will hone in on a sustainable free cash flow yield,” which Jefferies believes the market is misjudging, as the company approaches a 2026 capex roll-off for key growth projects. The firm has a Buy rating on the shares with a price target of $146.
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