Truist raises PT for Conocophillips

Marathon Oil

03/06/2024 15:25

** Truist raises price target for oil and gas firm
ConocoPhillips  COP.N  to $165 from $160
    ** Brokerage forecasts COP's acquisition of Marathon Oil
 MRO.N  to be immediately incremental to earnings/free cash flow
per share 
    ** Adds it sees various potential earnings upside from areas
such as Asia Pacific, Alaska and Canada, among others
    ** "We forecast COP should be able to achieve its suggested
(more than) $7 bln share buybacks post close systematically and
opportunistically," say Truist analysts in a note
    ** New price target represents 41.7% upside to stock's last
close
    ** 20 of 26 brokerages rate stock "buy" or higher and 6
"hold"; their median PT is $142
    ** COP shares marginally down on lower oil prices
    ** Up to last close, shares are up ~0.4% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))