ConocoPhillips

ConocoPhillips’ Diverse Asset Base Offer Flexibility on Managing Commodity Volatility, RBC Says

ConocoPhillips’ (COP) “large and diverse asset base” offers flexibility in managing commodity price volatility, RBC Capital Markets said in a report emailed Wednesday. The investment firm raised the company’s price target to $140 from $135 and maintained the outperform rating. RBC recently added the company to its Global Top Energy list due to its “extensive, high-quality, and geographically diverse inventory that surpasses” rivals in exploration and production, according to the report. ConocoPhillips’ “robust balance sheet grants a competitive edge in enhancing shareholder value throughout various commodity price cycles,” the report said. ConocoPhillips may deliver free cash flow of $10.1 billion in 2024 and $10.7 billion in 2025 representing 7% and 8% yields, “which are slightly below large cap peers,” RBC said. The company “does not hedge commodity prices, but its large diversity of production in terms of product and locations offers natural hedges” to counter price volatility, the report said. […]

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ConocoPhillips (COP) Q1 2024 Earnings Call Transcript

ConocoPhillips (COP)Q1 2024 Earnings CallMay 02, 2024, 12:00 p.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:   Operator Welcome to the first quarter 2024 ConocoPhillips earnings conference call. My name is Liz, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session. [Operator instructions] I will now turn the call over to Phil Gresh, vice president, investor relations. Sir, you may begin. Phil Gresh — Vice President, Investor Relations Thank you, Liz, and welcome, everyone, to our first quarter 2024 earnings conference call. On the call today, we have several members in the ConocoPhillips’ leadership team, including Ryan Lance, chairman and CEO; Tim Leach, advisor to the CEO; Bill Bullock, executive vice president and chief financial officer; Andy O’Brien, senior vice president of strategy, commercial sustainability and technology; Nick Olds, executive vice president of

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CFRA Keeps Hold Opinion On Shares Of Conocophillips

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $125, up $10, reflects a 5.8x multiple of enterprise value to projected 2025 EBITDA, slightly above COP’s historical forward average, but merited by our view for sustained high crude oil prices through the end of the decade. We lift our 2024 EPS estimate by $0.32 to $8.88, but trim 2025’s by $0.06 to $10.20. Q1 EPS of $2.03 vs. $2.38 matched the consensus view. COP generated $2.2B in free cash flow in Q1 and essentially earmarked the equivalent in returns to shareholders ($1.3B in buybacks, plus $0.9B in dividends). Shares outstanding are now down 3.5% Y/Y as well. Q1 production of 1.90 MMBoe/d was up 6% Y/Y (71% liquids, 29% natural gas). We see COP pursuing a flat production profile in 2024,

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ConocoPhillips (NYSE:COP) Stock Analyst Ratings

ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/14/2024 29.5% UBS $138 → $143 Maintains Buy 02/09/2024 8.67% Scotiabank $115 → $120 Maintains Sector Perform 01/26/2024 20.45% Susquehanna $152 → $133 Maintains Positive 01/24/2024 24.07% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 19.54% Mizuho $139 → $132 Maintains Neutral 12/29/2023 26.79% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 24.98% UBS $149 → $138 Maintains Buy 12/08/2023 27.69% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 22.26% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 37.65% Susquehanna $153 → $152 Maintains Positive 10/04/2023 34.94% UBS $147 → $149 Maintains Buy 10/02/2023 29.5% Jefferies $141 → $143 Maintains Buy 10/02/2023 13.2% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 44.9% Truist Securities $151 → $160 Maintains Buy 09/18/2023 25.88% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste

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ConocoPhillips (NYSE:COP) Stock Analyst Ratings

ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 18.64% Susquehanna $152 → $133 Maintains Positive 01/24/2024 22.21% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 17.75% Mizuho $139 → $132 Maintains Neutral 12/29/2023 24.89% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 23.1% UBS $149 → $138 Maintains Buy 12/08/2023 25.78% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 20.43% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 35.59% Susquehanna $153 → $152 Maintains Positive 10/04/2023 32.92% UBS $147 → $149 Maintains Buy 10/02/2023 27.56% Jefferies $141 → $143 Maintains Buy 10/02/2023 11.51% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 42.73% Truist Securities $151 → $160 Maintains Buy 09/18/2023 24% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 25.78% Jefferies $143 → $141 Maintains Buy 08/17/2023 31.13% UBS $127

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ConocoPhillips (NYSE:COP) Stock Analyst Ratings

ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 25.35% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 20.78% Mizuho $139 → $132 Maintains Neutral 12/29/2023 28.1% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 26.27% UBS $149 → $138 Maintains Buy 12/08/2023 29.01% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 23.52% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 39.08% Susquehanna $153 → $152 Maintains Positive 10/04/2023 36.33% UBS $147 → $149 Maintains Buy 10/02/2023 30.84% Jefferies $141 → $143 Maintains Buy 10/02/2023 14.37% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 46.4% Truist Securities $151 → $160 Maintains Buy 09/18/2023 27.18% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 29.01% Jefferies $143 → $141 Maintains Buy 08/17/2023 34.5% UBS $127 → $147 Maintains Buy 08/16/2023 23.52% Mizuho $127

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ConocoPhillips’ Q4 Earnings Likely to Beat Estimates, Output Seen at Top End of Guidance, UBS Says

ConocoPhillips (COP) is likely to report Q4 earnings per share above market estimates and output toward the high end of its guidance, UBS said in a note Thursday. The investment bank expects Q4 EPS of $2.12 and total output at 1.89 million barrels of oil equivalent per day, up 5% from the previous quarter. UBS put the EPS market consensus at $2.09. “Growth is primarily driven by the increased Surmont working interest,” UBS analysts Josh Silverstein, Peyton Dorne, and Kevin Liu said in the note sent to MT Newswires on Friday. ConocoPhillips bought the remaining 50% interest in the Surmont oil sands asset and associated midstream commitments from TotalEnergies’ (TTE) Canadian unit for about $2.7 billion, finalizing the transaction in late Q3. UBS also expects the company to achieve its $11 billion capital returns forecast for 2023 and projects $10 billion in shareholder returns for 2024. The bank has a

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ConocoPhillips (NYSE:COP) stock Analyst Ratings

ConocoPhillips (NYSE:COP) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/03/2024 10.97% Mizuho $139 → $132 Maintains Neutral 12/29/2023 17.7% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 16.02% UBS $149 → $138 Maintains Buy 12/08/2023 18.54% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 13.49% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 27.78% Susquehanna $153 → $152 Maintains Positive 10/04/2023 25.26% UBS $147 → $149 Maintains Buy 10/02/2023 20.22% Jefferies $141 → $143 Maintains Buy 10/02/2023 5.09% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 34.51% Truist Securities $151 → $160 Maintains Buy 09/18/2023 16.86% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 18.54% Jefferies $143 → $141 Maintains Buy 08/17/2023 23.58% UBS $127 → $147 Maintains Buy 08/16/2023 13.49% Mizuho $127 → $135 Maintains Neutral 08/14/2023 9.29% RBC Capital → $130

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