ConocoPhillips price target lowered to $141 from $143 at Jefferies

Jefferies lowered the firm’s price target on ConocoPhillips to $141 from $143 and keeps a Buy rating on the shares. In a broader note on the U.S. energy sector, the firm reiterates adding to energy on volatility as it contends that given energy’s weighting in the S&P at about 4.25% and its earnings contribution projected to top 8% “adding on volatility makes sense.” The firm is marking-to-market commodities and spreads for 2023, 2024 and 2025, while also updating company specific capex, cost structures, deflation and production estimates as required, the analyst tells investors.