BMO Capital Adjusts Price Target on ConocoPhillips to $135 From $140, Maintains Outperform Rating
ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.31, according to analysts polled by FactSet.
160 stories mentioning ConocoPhillipsUpdated 2d ago
An oil producer pressured as crude fell on diplomatic progress with Iran, with Libya's refinery restart and a possible Norway offshore strike in the mix.
Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
ConocoPhillips (COP) has an average rating of overweight and mean price target of $142.31, according to analysts polled by FactSet.
Energy stocks were higher late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.3%, and ConocoPhillips added 2.2%.Ecopetrol (EC) said Tuesday its President Ricardo Roa has been charged with alleged violations of spending limits related to the country's 2022 presidential campaign following a probe by Colombia's General Prosecutor's Office. Ecopetrol shares were up 2.7%.Targa Resources (TRGP) is positioned for growth into 2026 and beyond, supported by strong Permian volume growth and potential upside from commodity price tailwinds, RBC Capital Markets said. Targa shares gained 1.1%.Eni (E) asked Morgan Stanley (MS) to help it raise funds from investors, including Apollo (APO), KKR (KKR), and Stonepeak, in a potential deal backed by its floating liquefied natural gas assets, Reuters reported. Eni shares rose 0.6%.
Energy stocks gained late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.1%, and ConocoPhillips added 1.9%.
TotalEnergies (TTE), QatarEnergy and ConocoPhillips signed an offshore exploration agreement with the Syrian Petroleum Company for Syria's Block 3 area in the Mediterranean Sea, TotalEnergies said Tuesday.The partners will review Syria's offshore Block 3 area under the memorandum of understanding, which also sets terms for future technical and commercial exploration discussions."We are pleased to enter into this new partnership with the Syrian Petroleum Company with which we had a long and fruitful relationship from 1988 to 2011," said Julien Pouget, senior vice president at TotalEnergies."We look forward to cooperating with QatarEnergy and ConocoPhillips to assess Syrian offshore exploration opportunities in the Mediterranean Sea," Pouget added.Price: $91.77, Change: $+1.08, Percent Change: +1.19%
TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said.The MoU includes a technical review of the block 3 area and sets out a preliminary basis for talks related to exploration activities, the company said.
ConocoPhillips (COP) on Tuesday said it secured Norwegian government approval for a redevelopment project targeting up to 120 million barrels of oil equivalent.Norway's Ministry of Energy cleared Plans for the Development and Operation for Previously Produced Fields Project, which will revive the Albuskjell, Vest Ekofisk, and Tommeliten Gamma assets in the Greater Ekofisk Area.Through a subsea tie-back connected to the Ekofisk Complex, ConocoPhillips plans to return the previously shut-in producing fields to operation.Four subsea templates and a shared pipeline system will support 11 new wells under the project. Recoverable resources are estimated between 90 mmboe and 120 mmboe.First production is expected in Q4 2028, while the project will increase Norwegian gas supplies flowing into Europe.By reusing existing infrastructure, the partners can unlock large volumes of resources at lower cost while strengthening gas exports from Norway into Europe, ConocoPhillips' Europe and North Africa President Steinar Vage said.ConocoPhillips is the operator of the fields, along with a consortium of partners including Var Energi with a 52.3% stake in Albuskjell and Vest Ekofisk, while ConocoPhillips Skandinavia holds 35.1% and Orlen Upstream Norway controls 7.6%, with Petoro owning the remaining 5% stake.In Tommeliten Gamma, Orlen Upstream Norway holds 62.6%, ConocoPhillips Skandinavia 28.3%, and Var Energi 9.1%.Price: $114.48, Change: $-0.40, Percent Change: -0.35%
Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index increasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.4%.In sector news, oil prices jumped as fighting in the Iran war flared up again. The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. Tehran fired missiles and drones at the United Arab Emirates, the UAE's Defense Ministry said in a post on X earlier in the day.Front-month West Texas Intermediate crude oil climbed 3.2% to $105.22 a barrel, and the global benchmark Brent crude contract jumped 5.5% to $114.10 a barrel. Henry Hub natural gas futures rose 2.5% to $2.85 per 1 million BTU.In corporate news, Clean Energy Fuels (CLNE) shares gained 3.7% after the firm said Monday it is opening six new renewable natural gas stations along major US freight transportation routes to expand its station network.Chevron's (CVX) Q1 financial results set up a "meaningful" acceleration in sequential earnings, with momentum building through the rest of this year and into the first half of 2027, UBS said in a note. UBS kept its buy rating and increased its price target to $220 from $218. Chevron shares were rising 0.90%.Hess Midstream (HESM) shares climbed 3.8% after it posted higher Q1 earnings and revenue.ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note. ConocoPhillips shares rose 1.4%.
The US land rig count slides for a second consecutive week, pressured by a pullback in oil-directed drilling, RBC Capital Markets strategists said in a note on Sunday.Total US land rig count fell by six week-on-week to 525, RBC analysts said, citing Baker Hughes. The decline was driven by the oil-directed side of the business, which saw six units sidelined, bringing the total to 389. Gas-oriented activity held steady at 129 rigs.The Permian Basin, the largest US shale region, saw activity edge lower, with the rig count slipping by one to 241. RBC said that the Permian Basin continues to dominate US drilling, accounting for about 62% of oil-directed rigs in the Lower 48 and 47% of total land rigs.The most active drilling companies in the Permian are Helmerich & Payne (HP) with 88 rigs, Patterson-UTI Energy (PTEN) with 32 rigs, and Nabors Industries (NBR) with 29 rigs. Exxon Mobil (XOM) led the operators with 34 rigs, followed by Occidental (OXY) with 20 and ConocoPhillips (COP) with 17.Eagle Ford activity climbed one rig to 43, while the Williston Basin was unchanged at 28. Gas-focused regions showed modest strength, with the Haynesville Shale gaining two rigs to 58, while Appalachian Basin activity held flat at 37.RBC said that private operators continue to play a significant role in key basins, though their share of activity has declined in some areas. Private firms in the Permian accounted for 39% of active rigs, down from 43% a year earlier, while in the Eagle Ford their share fell to 37% from 46%.Private operators, by contrast, still dominate the Haynesville, accounting for about 72% of rigs, unchanged from last year.Price: $124.79, Change: $+1.60, Percent Change: +1.30%
Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index increasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index was shedding 0.5%.In sector news, oil prices rose as investors weighed military action in the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows. Military tensions were fanning up in Hormuz on Monday, as several ships were struck amid Iranian threats and the US sent in destroyers and fought off further attacks, The Wall Street Journal reported. The skirmishes followed President Donald Trump's initiative to get ships bottled up in the Persian Gulf out through the crucial waterway, the Journal said.Front-month West Texas Intermediate crude oil was rising 3.2% to $105.19 a barrel, and the global benchmark Brent crude contract was advancing 5.1% to $113.69 a barrel. Henry Hub natural gas futures rose 2.9% to $2.86 per 1 million BTU.In corporate news, Chevron's (CVX) Q1 financial results set up a "meaningful" acceleration in sequential earnings, with momentum building through the rest of this year and into the first half of 2027, UBS analysts said in a note. UBS kept a buy rating on the stock and increased its price target to $220 from $218. Chevron shares were rising 0.9%.Hess Midstream (HESM) shares added 3.7% after it posted higher Q1 earnings and revenue.ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note. ConocoPhillips shares rose 1.1%.
ConocoPhillips (COP) will add drilling rigs to sustain operational efficiencies, given the duration of Permian inventory, which should ramp production starting in 2027, RBC Capital Markets said in a note Sunday.The company likely has two decades of inventory that can grow Permian production at a low-to-mid single digit rate, the brokerage said. Performance in Q1 was better than expected while impacts to offline production in Qatar were largely offset by higher commodity prices, analysts wrote.The company now expects oil demand to remain flat in 2026, compared with prior outlook of growth. RBC said it expects 2026 and 2027 free cash flow of $14.06 billion and $13.78 billion, respectively.The brokerage has an outperform rating on the stock and price target of $152 per share.Shares of ConocoPhillips were up more than 1% in Monday trading.Price: $124.74, Change: $+1.55, Percent Change: +1.26%
Crude oil markets may be on the verge of pivoting towards a period of sustained higher prices with the Strait of Hormuz now closed for more than two months, some of America's biggest oil companies are warning, Bloomberg reported on Friday.Global stockpiles, strategic reserves and volumes stored on vessels before Feb. 28 -- the start of Iran war -- are now steadily being used up, according to Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP).These supplies have been providing a buffer against higher prices in the last two months but are now running low, said Chevron Chief Financial Officer Eimear Bonner in an interview on Friday with Bloomberg TV."A lot of the inventory and spare capacity has been depleted already," Bonner said. "There's very little of the buffer left."Bloomberg notes that at just above $100 per barrel, oil prices are far from record levels, even with a key through-route for about a fifth of the world's oil and gas closed for now more than two months.When current reserves run out, prices are likely to reflect the increased imbalance between supply and demand quite quickly, said Exxon CEO Darren Woods on a call with analysts on Friday, Bloomberg reported."It's obvious to most that if you look at the unprecedented disruption and the world's supply of oil and natural gas, the market hasn't seen the full impact of that yet," he said. "There's more to come if the strait remains closed."ConocoPhillips Chief Financial Officer Andy O'Brien describes the increases in oil prices since the global energy crisis began as merely a "grace period" because ships that crossed the Strait of Hormuz took weeks more to deliver their cargoes, buffering the supply impact.Crude markets have been in a "grace period" since late February until now because ships loaded before the war take weeks to complete their journeys and so have still been delivering cargoes, O'Brien said on a call with analysts Thursday."Now, all of those have reached their destination," he said. "The impacts of the lost supply is going to start to become more apparent," he said, predicting that "critical shortages" would appear in import-dependent countries by June or July.The Bloomberg article made reference to a JPMorgan Chase (JPM) note by analyst Natasha Kaneva which said that developed countries would fall to their lowest ever by September if the strait remains closed and force consumption lower.has contacted the three oil companies to confirm the comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Exxon Mobil (XOM), Chevron (CVX) and ConocoPhillips (COP) have warned that global energy markets may face further price increases as supply buffers are rapidly being depleted amid the ongoing Strait of Hormuz disruption, Bloomberg reported on Friday.Executives said inventories, strategic reserves and floating storage have helped cushion prices so far, but those supplies are now running low, reducing the market's ability to absorb prolonged supply shocks.Chevron's CFO told Bloomberg that much of the spare capacity has already been used, leaving limited leeway if the disruption continues, while Exxon's CEO warned markets have yet to fully reflect the scale of the supply hit.With roughly a fifth of global oil and LNG flows typically passing through the strait, companies indicated that a prolonged closure could push crude prices significantly higher.
Midstream energy firms are set for a busy earnings week after a strong run in the sector, with rising oil prices and robust volumes underpinning investor optimism, RBC Capital Markets strategists said in a note on Friday.RBC said the Alerian Midstream Index climbed 4.3% in the week ended Apr. 30, outperforming the broader S&P 500, which rose 1.4%. Year-to-date, the AMZ is up 19.5%, significantly ahead of the S&P 500's 5.3% gain.Though the sector has also outpaced defensive segments such as utilities, RBC said it continues to lag upstream oilfield services and exploration and production companies.Crude prices provided a tailwind, with front-month West Texas Intermediate futures rising about 10% during the week to around $105 per barrel, while US natural gas benchmark Henry Hub gained about 6% to $2.77 per MMBtu.Targa Resources led weekly gains, climbing 8.4% as investors responded to higher crude prices and improving dynamics in the Permian Basin.Rising gas-oil ratios in the region, highlighted in Enterprise Products Partners LP's earnings, are boosting demand for processing and takeaway capacity, RBC said.The bank said additional capital spending by ConocoPhillips (COP) in the Delaware Basin has also reinforced expectations for incremental activity, supporting Targa's growth outlook.Valuations remain elevated but supported by earnings visibility. RBC estimates the midstream universe is trading at about 10.2 times enterprise value to 2027 EBITDA, suggesting investors are willing to pay a premium for stable cash flows and exposure to rising US hydrocarbon exports.Meanwhile, RBC said recent earnings have reinforced that narrative. Enterprise Products Partners (EPD) beat expectations on stronger volumes and gains in natural gas marketing, while Oneok (OKE) raised its 2026 adjusted EBITDA guidance following a Q1 beat and a more constructive outlook for volumes.RBC analysts say export demand, partly driven by disruptions in the Middle East, could provide an additional tailwind for companies with Gulf Coast exposure, including Targa and Energy Transfer.Price: $123.80, Change: $-1.98, Percent Change: -1.57%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $128, raised $11, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 5.5x multiple of enterprise value to projected 2027 EBITDA, about in line with COP's historical forward average. This approach yields a value of $100 per share. Meanwhile, our DCF model, applying medium-term free cash flow growth of 5%, terminal value of 2.5%, discounted at a WACC of 6.1%, yields intrinsic value of $156 per share. We lift our 2026 EPS estimate by $3.40 to $8.51 and 2027's by $0.14 to $7.31. COP should benefit in the near term from the rise in crude oil prices, although we see more risk in 2027 given the potential for a 2026 price spike to weigh on the global economy. The Willow project in Alaska is still on track for first oil in 2029, and could be coming at a welcome time.
ConocoPhillips (COP) has an average rating of overweight and mean price target of $141.30, according to analysts polled by FactSet.Price: $123.54, Change: $-2.24, Percent Change: -1.78%
BP (BP) is reviewing its presence in the UK North Sea and considering a sale of part or all of its operations in the basin, as the energy giant seeks to streamline its portfolio and slash debt, Bloomberg reported on Friday, citing industry sources.The company is conducting an internal review of its UK upstream operations, with a full divestment of its remaining oil and gas assets in the region projected to fetch about 2 billion British pounds ($2.7 billion).The review is ongoing, and no final decision has been made on whether to proceed with a divestment, the report said.The London-listed energy firm remains one of the few oil majors still operating in the aging basin. Its evaluation comes as rivals continue to exit or scale back their presence in the region.Chevron (CVX) and ConocoPhillips (COP) recently sold off their North Sea assets, while Shell (SHEL), Exxon Mobil (XOM), and TotalEnergies (TTE) have moved to restructure or divest portions of their holdings, often through joint venture agreements.BP did not respond to' request for comments.BP has reduced its footprint in the UK North Sea over the past decade, including by selling its stake in the Shearwater field to Shell and divesting the Forties pipeline system to Ineos Group Holdings.The oil firm retains a 45% interest in the Clair field, the largest oilfield on the UK Continental Shelf.Plans to dispose of additional assets could rank among the first strategic moves under CEO Meg O'Neill, who took the helm in April as the company's first external appointee.O'Neill and Chairman Albert Manifold vowed to address years of underperformance, which have drawn pressure from activist investor Elliott Investment Management and led to the departure of former CEO Murray Auchincloss.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $46.55, Change: $-0.84, Percent Change: -1.76%
ConocoPhillips (COP) has an average rating of overweight and mean price target of $141.30, according to analysts polled by FactSet.Price: $123.74, Change: $-2.05, Percent Change: -1.63%
ConocoPhillips (COP) on Thursday reported a decline over the year in Q1 2026 production, as total output slipped both on a reported and adjusted basis.The company said Q1 production averaged 2.309 million barrels of oil equivalent per day, down from 2.389 million boe/d from the same period a year earlier.Adjusted for acquisitions and dispositions, production fell by 14,000 boe/d, or about 1%, from Q1 2025.In the US Lower 48, production totaled 1.453 million boe/d in the quarter, down from the 1.462 million boe/d reported a year earlier.That included 698,000 boe/d from the Delaware Basin, 200,000 boe/d from the Midland Basin, 367,000 boe/d from the Eagle Ford and 183,000 boe/d from the Bakken.Looking ahead, the company said it is excluding Qatar from its Q2 production guidance due to uncertainty tied to the conflict in the Middle East.It expects Q2 production to range between 2.185 million boe/d and 2.215 million boe/d. For the full year, ConocoPhillips projected production of 2.295 million boe/d to 2.325 million boe/d.The outlook includes a 20,000 boe/d annual adjustment reflecting the exclusion of Qatar from Q2 guidance, as well as a 15,000 boe/d impact from higher royalty rates at Surmont driven by stronger oil prices.The company expects 2026 capital expenditures to come in between $12 billion and $12.5 billion, including additional activity in the Permian Basin.It said the spending range reflects ongoing uncertainty in the macroeconomic environment and the timing of capital projects tied to North Field East and North Field South in Qatar.Price: $127.25, Change: $-1.00, Percent Change: -0.78%
Energy stocks were declining premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.2% lower.The United States Oil Fund (USO) was down 3.4% and the United States Natural Gas Fund (UNG) was 0.6% lower.Front-month US West Texas Intermediate crude oil was 1.5% lower at $105.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.3% to $114.13 per barrel, and natural gas futures were up 0.6% at $2.66 per 1 million British Thermal Units.ConocoPhillips (COP) shares were down more than 2% after the company posted lower Q1 adjusted earnings and revenue.TotalEnergies (TTE) and partner Nextnorth have reached financial close and broke ground on a 440 MWp solar power plant in Ilagan, the Philippines, the companies said. TotalEnergies stock was down more than 1% premarket.TechnipFMC (FTI) shares were down more than 3% after the company reported Q1 revenue that missed analysts' expectations.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:COP reported Q1 adjusted EPS of $1.89 vs. $2.09 prior year, beating the consensus of $1.71 by $0.18, while production declined 3.3% Y/Y to 2.31M boe/d but only 1% excluding acquisitions and divestitures. Average realized pricing fell 6% to $50.36/boe from $53.34/boe in Q1 '25. Key developments include the Willow project in Alaska reaching 50% completion with first oil still targeted for 2029, and continued LNG development with North Field East due for completion in the second half of 2026. COP guided 2026 production to 2.295M-2.325M boe/d (flat at midpoint) and capex of $12.0B-$12.5B, stripping out 20K boe/d from Qatar and 15K boe/d royalty adjustment from Surmont. The U.S. Lower 48 led production at 1.45M boe/d (63% of total), with Delaware Basin contributing 698K boe/d. In our view, successful completion of Willow would materially advance Alaska production from current 195K boe/d levels. COP maintained its 45% CFO return commitment, distributing $2.0B through equal portions of buybacks and dividends.
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