ConocoPhillips

ConocoPhillips (NYSE:COP) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/29/2023 20.17% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 18.45% UBS $149 → $138 Maintains Buy 12/08/2023 21.03% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 15.88% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 30.47% Susquehanna $153 → $152 Maintains Positive 10/04/2023 27.9% UBS $147 → $149 Maintains Buy 10/02/2023 22.75% Jefferies $141 → $143 Maintains Buy 10/02/2023 7.3% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 37.34% Truist Securities $151 → $160 Maintains Buy 09/18/2023 19.31% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 21.03% Jefferies $143 → $141 Maintains Buy 08/17/2023 26.18% UBS $127 → $147 Maintains Buy 08/16/2023 15.88% Mizuho $127 → $135 Maintains Neutral 08/14/2023 11.59% RBC Capital → $130 Reiterates Outperform → Outperform 08/04/2023 29.61% Truist Securities […]

Raymond James analyst John Freeman maintains ConocoPhillips (NYSE:COP) with a Strong Buy and lowers the price target from $146 to $140.

We raise our 12-month target price by $21 to $125, a 6.0x multiple of enterprise value to projected 2024 EBITDA, slightly above COP’s long-term historical forward average. Our update is based on our current view that crude oil prices should hold up well in 2024 and could approach the 2022 average (WTI averaged $95/barrel). We lift our 2023 EPS estimate by $0.20 to $8.81 and 2024’s by $0.47 to $10.37. COP’s short-cycle business in the U.S. Lower 48 should benefit from strength in crude prices and a bit of service cost weakness. For longer-term projects like Willow in Alaska, while there remains the prospect for cost overruns (like with many ambitious projects), we think upside potential is there, albeit in the long run. We think the industry is in the early days of a lengthy upcycle given a long period of insufficient spending on new supply, and that should buttress