Bernstein Trims Price Target on ConocoPhillips (COP) by $18

ConocoPhillips (NYSE:COP) is included among the 10 Best Natural Gas Stocks to Buy Right 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 January 5, Bernstein lowered its price target on ConocoPhillips (NYSE:COP) to $98 from $116, while keeping an ‘Outperform’ rating on the shares. Bernstein has started 2026 with a balanced view on crude oil, expecting near-term volatility but remaining constructive on the long-term outlook.

ConocoPhillips (NYSE:COP) surged by 2.6% on January 5 in response to the events in Venezuela last week. With President Nicolás Maduro ousted from power, the White House intends to develop the South American country’s vast oil reserves by opening them up to American companies. ConocoPhillips stands to gain from the situation, as the company is already owed billions by the Venezuelan government, which seized its assets back in 2007 when then-President Hugo Chávez effectively nationalized the country’s oil industry.

As a result, ConocoPhillips (NYSE:COP) took the Venezuelan government to the arbitration court and was even awarded about $10 billion in damages. However, Venezuela has reportedly only paid out a fraction of the amount. While it remains unclear whether ConocoPhillips will ultimately receive those claims or reinvest in the country, the prospect of recovering billions in damages and regaining access to massive oil reserves has attracted strong investor interest.

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