ConocoPhillips (NYSE:COP) is included among the 15 Best Blue Chip Stocks to Buy Now.
ConocoPhillips (NYSE:COP) is one of the world’s largest independent E&P companies based on oil and natural gas production and proved reserves.
ConocoPhillips (NYSE:COP) received a boost on April 12 when Jefferies analyst Lloyd Byrne raised the firm’s price target on the stock from $129 to $160, while maintaining a ‘Buy’ rating on the shares. The bumped target represents an upside of over 30% from the current levels.
The move comes ahead of ConocoPhillips (NYSE:COP)’s Q1 2026 results, in which Jefferies expects the company to post higher oil volumes. Moreover, the energy giant is well-positioned to take advantage of the soaring oil prices amid the US-Iran war. Despite the ongoing ceasefire, crude oil prices are up by over 65% since the beginning of the year, providing a significant cash flow boost to producers.
ConocoPhillips (NYSE:COP) is targeting production of 2.23 million – 2.26 million barrels of oil equivalent per day in 2026, with first-quarter output expected between 2.3 – 2.34 million barrels per day. The company is also projecting a $1 billion annual free cash flow growth through 2028 as it accelerates its cost-cutting measures. Then it expects a further $4 billion cash flow injection when its Willow project in Alaska comes online in 2029.
While we acknowledge the potential of COP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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