ConocoPhillips sees mixed analyst revisions with upside potential of up to 41% despite a lowered price target from Morgan Stanley.
Wall Street analysts project an average upside of 40.15% for ConocoPhillips (NYSE:COP), positioning it among top energy stocks. The company remains a major independent E&P player by production and reserves.
Morgan Stanley cut its price target on COP from $153 to $146 on June 29, citing lower energy prices, but maintained an ‘Overweight’ rating. The revised target still suggests a 41% upside. Meanwhile, Roth Capital upgraded COP to ‘Buy’ on June 22, raising its price target by $6. WTI crude prices have fallen over 60% from recent highs, nearing pre-conflict levels after a US-Iran agreement.
ConocoPhillips is set to report Q2 results on August 6, targeting production of 2.2 million barrels of oil equivalent per day at the midpoint.