Argus keeps a Buy rating and $150 price target on ConocoPhillips while naming the stock as one of the firm’s 2024 Top Picks. The company has an average cost-of-supply resource base of $32 per barrel of WTI, one of the lowest in the industry, and being a low-cost provider allows ConocoPhillips to sustain production growth at 4%-5% in a highly volatile price environment, pay a competitive dividend, and distribute 30% of cash flow from operations to shareholders, the analyst tells investors in a research note.
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