ConocoPhillips (COP) Upgraded to Overweight by Wells Fargo with $132 Price Target
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 12 2026
0mins
Source: seekingalpha
- Dividend Growth Potential: Wells Fargo upgraded ConocoPhillips from Equal Weight to Overweight with a price target increase from $100 to $132, forecasting over $6 in cumulative dividend capacity growth from 2026 to 2029, indicating a defensive growth trend in low crude price scenarios.
- Cash Flow Inflection: The analyst highlighted that the startup of the Willow project in 2029 will represent a significant free cash flow inflection for Conoco, contributing approximately $4 billion in net change in the first year at $65 Brent prices, enhancing the company's financial stability.
- Organic Growth Drivers: ConocoPhillips is expected to drive organic free cash flow growth in the coming years through the startup of Qatar LNG and Port Arthur LNG projects, thereby increasing dividend capacity and alleviating dividend burden.
- Market Risk Assessment: While Wells Fargo's upgrade reflects confidence in Conoco, the analyst downgraded Range Resources to Equal Weight, indicating concerns over relative valuation amid heightened risks in gas markets.
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Analyst Views on COP
Wall Street analysts forecast COP stock price to rise
18 Analyst Rating
15 Buy
3 Hold
0 Sell
Strong Buy
Current: 110.830
Low
98.00
Averages
113.39
High
132.00
Current: 110.830
Low
98.00
Averages
113.39
High
132.00
About COP
ConocoPhillips is an exploration and production company. Its Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. The Lower 48 segment consists of operations located in the 48 contiguous states in the United States and the Gulf of Mexico. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the United Kingdom. Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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