ConocoPhillips Wins Fresh Buy Ratings as Wolfe Lifts Target to $131, Points to Cash-Flow Ramp Through 2029

Overview

• Following the Nov. 6 report, adjusted EPS came in at $1.61 (reported $1.38) as ConocoPhillips raised full‑year production guidance to 2.375 MMBOED and cut adjusted operating cost guidance to $10.6 billion while lifting its base dividend by 8%.
• Wolfe Research reaffirmed Outperform and increased its price target to $131, highlighting an expected free‑cash‑flow uplift of about $1 billion annually in 2026–2028 and a further $4 billion in 2029 with Willow online.
• Morgan Stanley reiterated Buy with a $117 target on Nov. 20, and Piper Sandler kept Buy with a $115 target on Nov. 24, while UBS maintained Buy at $117 noting Willow capex pressure but solid execution.
• The company completed the Anadarko acquisition and executed $0.5 billion of noncore asset sales, surpassing its 2025 asset‑disposition goal of more than $3 billion.
• On Nov. 18, ConocoPhillips signed an MOU with Novatera and the Syrian Petroleum Company to pursue natural gas development opportunities in Syria.