As previously reported, Wolfe Research upgraded ConocoPhillips (COP) to Outperform from Peer Perform with a $120 price target. The bolt-on acquisition of the remaining 50% interest in Surmont from TotalEnergies (TTE) both allays free cash flow downside in a lower oil price case next year and increases free cash flow sensitivity in an upside case, the analyst tells investors. In addition, ConocoPhillips’ portfolio and valuation “compares favorably” to premium integrated oil peers, the analyst argues.
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