Street View: Conoco stays steady as Middle East risks simmer

Morningstar

01/05/2026 10:14

** ConocoPhillips COP.N forecast lower annual output after the shale producer excluded Qatar from its near-term outlook, citing disruption to its liquefied natural gas operations in the country due to the U.S.-Israeli war on Iran

** Twenty-nine analysts rate the stock "buy" on average; median PT $140 - data compiled by LSEG

ANCHOR IN UNCERTAIN WATERS

** Morningstar (Fair Value: $124) says Conoco’s strong U.S. and international footprint can offset the idling of Qatari production by raising prices; however, the war creates uncertainty about the timing of Qatar’s LNG expansion projects

** RBC Capital Markets ("Ourperform," PT: $152) expects a sizable increase in distribution, views the update as constructive amid Middle East concerns, and sees COP shares potentially trading modestly above peers

** Jefferies ("Buy," PT: $160) expects modest oil growth and has trimmed production forecasts due to temporary outages in Qatar and higher royalties, while continuing to focus on disciplined development and sustainable returns.

** Roth MKM ("Neutral," PT: $124) says the main concern is COP’s higher valuation relative to peers, though this is mitigated by a solid balance sheet, diversified asset base, lower base production declines, and steady production growth

 (Reporting by Akriti Shah in Bengaluru)

 ((akriti.shah@thomsonreuters.com ; X, formerly Twitter: @AkritiShahh))