Morgan Stanley Reiterates Buy Rating on ConocoPhillips
Morgan Stanley maintains its positive outlook on ConocoPhillips with a $146 price target, a 40.44% upside from the current price.
Key Points
- Morgan Stanley reiterated its Buy rating for ConocoPhillips on June 29, 2026, with a price target of $146.
- Morgan Stanley's $146 price target implies 40.44% upside from ConocoPhillips's ($COP) current $103.96 share price.
- Shares of ConocoPhillips traded near $105.96 on Monday, with a market cap of about $129.1 billion and a P/E ratio of 18.
- BlackRock, Inc. increased its holdings in ConocoPhillips by 1.8%, while JPMorgan Chase & Co. boosted its stake by 37.3%.
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Morgan Stanley reiterated its Buy rating on ConocoPhillips (NYSE: COP) on June 29, 2026, setting a price target of $146. This reflects the firm's continued confidence in the energy giant's prospects.
Morgan Stanley vs. the S&P 500
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Other Institutional Activity in ConocoPhillips
BlackRock, Inc. grew its holdings by 1,620,754 shares, ending with 91,173,754 shares worth about $12.03 billion. Vanguard Capital Management LLC opened a new position with 79,539,856 shares valued at approximately $10.50 billion. State Street Corp increased its stake by 3,923,111 shares, reaching a total of 68,474,720 shares, valued at $9.04 billion. In contrast, Charles Schwab Investment Management Inc reduced its position by 3,538,595 shares, now holding 37,911,567 shares worth $5.00 billion. Meanwhile, JPMorgan Chase & Co significantly boosted its stake by 9,135,489 shares to 33,645,760 shares, valued at $4.47 billion.
ConocoPhillips Stock Down 20.2%
Shares of NYSE:COP traded near $105.96 on Monday. ConocoPhillips boasts a market cap of approximately $129.1 billion, with a P/E ratio of 18 and a forward P/E of 11.5. The stock's 52-week range is between $85.57 and $135.87. Its 50-day moving average is $117.71, while the 200-day moving average is $105.49. The company's current ratio stands at 1.29, and it has a debt-to-equity ratio of 36.14.
$COP price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
ConocoPhillips reported revenue of $59.38 billion, with a slight decline in growth at -5.3%. The company's earnings per share (EPS) is $5.90, with a net margin of 12.3% and a return on equity (ROE) of 11.3%. The next earnings report is expected on August 6, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 13.2%. Revenue beat estimates by 1.6%.
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Profit surprise
EBITDA missed by 2 percent. Operating income beat by 2 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 target raises.
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Earnings quality
Gross margin up 16.7 points. Operating margin down 4.6 points. Positive free cash flow.
Earnings Call Summary
ConocoPhillips delivered strong first quarter results with 1.89 dollars of earnings per share and 5.4 billion dollars of free cash flow, beating expectations. The company returned 2 billion dollars to shareholders. Willow construction in Alaska is 50 percent complete with key milestones achieved. The Middle East conflict has taken about 10 million barrels per day of global production offline, with Qatar being their main impact at about 80 thousand barrels per day. The company remains committed to its long-term strategy and is adding modest Permian activity to maintain operational efficiency.
Guidance The company lowered production guidance for the full year by 35 thousand barrels per day because of the Middle East conflict taking Qatar offline. Operating costs stay at 10.2 billion dollars, down 400 million from last year. Capital spending goes up slightly to 12 to 12.5 billion dollars to add Permian drilling and maintain efficiency. The company expects free cash flow to be up significantly from higher oil and liquefied natural gas prices since it is not hedged.
Solid report. Results were generally better than expected, but the forward outlook did not materially change.
Dividend
ConocoPhillips offers an annual dividend rate of $3.36, yielding 3.17% with a payout ratio of 54.92%.
Insider Buying and Selling at ConocoPhillips
On June 15, 2026, Robert Niblock acquired 322 shares at an average price of $112.18. Earlier, on June 10, Sharmila Mulligan sold 1,974 shares at $119.00. Senior Vice President Andrew Lundquist made several transactions on June 1, buying and selling shares, including a sale of 1,325 shares at $116.46.
Analysts Set New Price Targets
On June 29, 2026, Morgan Stanley maintained its Buy rating with a $146 price target. Roth Capital upgraded the stock to a Buy on June 22, 2026, with a $130 target. Mizuho and Barclays also maintained Buy ratings with targets of $150 and $155, respectively. The consensus among 25 analysts is a Buy rating, with an average price target of $143.44.
About ConocoPhillips
ConocoPhillips is a leading energy company based in Houston, Texas. It explores, produces, and markets crude oil, bitumen, natural gas, and LNG. The company operates across various regions, including North America, Europe, and Asia. Led by CEO Ryan M. Lance, ConocoPhillips employs approximately 9,700 people.
Bottom Line
Morgan Stanley's reiterated Buy rating and $146 price target reflect ongoing confidence in ConocoPhillips. Investors closely watch these updates as part of their strategy to gauge market sentiment. Remember, analyst ratings are based on past data and projections, and actual performance may vary.
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