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.
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