Susquehanna lowered the firm’s price target on ConocoPhillips to $152 from $153 and keeps a Positive rating on the shares. The analyst updated estimates for the exploration and production sector ahead of the Q3 reports. The firm maintained its 2024 WTI crude assumption of $80 per barrel while lowering its Henry Hub natural gas price to $3.75/mmbtu from $4. Companies continue with their maintenance capital programs, with improvements in well productivity driving modest production gains, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on COP:
- ConocoPhillips price target raised to $143 from $139 at Bernstein
- ConocoPhillips price target raised to $134 from $118 at Roth MKM
- OPEC sticks to oil demand growth forecast for 2024, Reuters reports
- Middle East Tensions Ignite Energy Stocks: XOM, CVX, and Others Surge
- Saudi Arabia, others reaffirm commitment to oil adjustments, Reuters says