Analyst Reiterates Buy Rating on ConocoPhillips (COP)

ConocoPhillips (NYSE:COP) is included among the 12 Best Crude Oil Stocks to Buy for Dividends.

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 December 16, Jefferies reiterated its ‘Buy’ rating on ConocoPhillips (NYSE:COP) and assigned the stock a price target of $120, indicating an upside potential of almost 30% from the current share price. The analyst believes that the oil and gas giant offers an underappreciated and differentiated resource in 2030 and beyond and seems well-positioned to dig into its robust balance sheet to maintain its strong shareholder returns in the near term.

Moreover, the analyst highlighted ConocoPhillips’ Willow project in Alaska, adding that improved permitting in the region could allow for more exploration and increased output. Located on Alaska’s North Slope in the National Petroleum Reserve, the Willow project is estimated to produce 180,000 barrels of oil per day at its peak. The $7 – $7.5 billion project remains on track, with first oil production expected in 2029.

Earlier on December 12, UBS also increased its price target on ConocoPhillips (NYSE:COP) from $117 to $120, while maintaining a ‘Buy’ rating on the shares. After three years of limited growth, the analyst believes that the energy sector appears well-positioned for stronger growth in 2026, driven by improving oil and natural gas outlooks, M&A-driven value creation, cost and capex efficiencies, emerging OFS opportunities, and attractive valuations.

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