ConocoPhillips (COP) PT Lowered to $115 at Raymond James

Raymond James analyst John Freeman lowered the price target on ConocoPhillips (NYSE: COP) to $115.00 (from $117.00) while maintaining a Outperform rating.

The analyst comments "We are updating estimates post 2Q results. As mentioned in our 2Q25 Quick Take, COP’s agreement to sell Anadarko Basin assets for $1.3B is expected to close early 4Q. COP beat earnings (~3% above Street), while production beat Street by 3%, but came in-line with RJ estimates. Company management expects higher APLNG distributions ($800M in FY25) and tax benefits from OBBB (~$500M in deferred tax for FY25). The company reiterated all other FY25 guidance items. RJ FY25 production of ~2.36 Mboe/d and capex of ~$12.4B are both in-line with guidance/Street. Our 3Q production and capex estimates are also in-line. COP has a FCF yield of ~7% for 2026, and is trading at ~5.3x EV/EBITDA. Based on previous deep dive basin reports we’ve published, COP has one of the longest core inventory runways in the industry that warrants a meaningful premium relative to peers (not to mention the global portfolio that provides additional long-term visibility). We reiterate Outperform and decrease the target price to $115 due to a lower commodity strip since our last publication."

You May Also Be Interested In

• Insulet (PODD) Tops Q2 EPS by 21c
• Procept BioRobotics Corp (PRCT) PT Lowered to $20 at Jefferies
• Q32 Bio (QTTB) Tops Q2 EPS by 13c