ConocoPhillips (NYSE:COP) is included among the 12 Best Large Cap Energy Stocks to Buy Now.
ConocoPhillips (NYSE:COP) is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves.
On March 12, Piper Sandler bumped its price target on ConocoPhillips (NYSE:COP) from $111 to $154, while maintaining an ‘Overweight’ rating on the shares. The target adjustment, which indicates an upside potential of over 26% from the current share price, comes as the analyst firm revised its estimates following a $5 per barrel increase in its mid-cycle WTI price forecast amid the US/Iran war.
Piper Sandler sees the war having lasting supply impacts on the global energy market, with projections of 2026 crude balances to tighten by about 2 million barrels per day compared to prior expectations. The firm expects the tightening supply, paired with soaring prices, to incentivize increased investments in production.
ConocoPhillips (NYSE:COP) is targeting an output of 2.23 million – 2.26 million barrels of oil equivalent per day in 2026, with first-quarter production expected between 2.3 – 2.34 million barrels per day.
While we acknowledge the potential of COP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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