ConocoPhillips (COP) might have an upside of 8.9% in the next 12 months based on analysts’ mean target price. In the fourth quarter, oil prices rose 16.3%, while ConocoPhillips rose 8.9%. Based on oil’s gains, the upside should be achievable.
Lower target price
On January 10, Barclays reduced the target price on ConocoPhillips from $84 to $79. On January 9, J.P. Morgan reduced the target price by $3 to $83. On the same day, Morgan Stanley lowered the target price on ConocoPhillips from $84 to $73. On January 7, UBS and BMO reduced their target price on the stock by $5 and $8, respectively. On January 18, ConocoPhillips stock closed at $67.9.