Morgan Stanley Reiterates a Buy Rating on ConocoPhillips (COP)

ConocoPhillips (NYSE:COP) is one of the best large cap stocks to invest in for the long term. Morgan Stanley analyst Devin McDermott reiterated a Buy rating on ConocoPhillips (NYSE:COP) on November 20, setting a $117 price target. The rating update followed the company’s fiscal Q3 2025 earnings release on November 6, with reported earnings per share of $1.38 and adjusted earnings per share of $1.61.

ConocoPhillips (NYSE:COP) exhibited strong financial and operational performance in the quarter, which led to higher production and a reduction in operating cost guidance for 2025. The company also raised its base dividend by 8%, consistent with its goal to provide top-quartile dividend growth in the S&P 500.

ConocoPhillips (NYSE:COP) expects lower capital and operating costs in 2026, with flat to modest production growth. Supported by its diverse portfolio, the company is on track to deliver an estimated $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028.

ConocoPhillips (NYSE:COP) is an exploration and production company that explores, transports, produces, and markets natural gas, crude oil, and bitumen. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, the Middle East, and North Africa, Asia Pacific, and Other International.

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Disclosure: None. This article is originally published at Insider Monkey.