Mizuho Reiterates Outperform Rating on ConocoPhillips (COP)

Mizuho analyst Nitin Kumar reiterated an Outperform rating and $134.00 price target on ConocoPhillips (NYSE: COP).

The analyst commented: "We expect a small (<2%) EBITDA beat from COP vs. consensus given one month's contribution to results that does not appear to be consistently reflected in Street estimates. Meanwhile, the company appears upbeat on potential synergies from the combination: doubling the $500mm initial target with 3Q24 earnings, with potentially more upside as they begin optimizing operations. The formal 2025 capital budget will be a key milestone for investors, and management has already indicated that the pro forma budget will be below $13bn for 'low single digit' volume growth. Another key update with 4Q24 earnings will be the cash return outlook, where the company has a strong track record of meeting commitments, but is also facing a volatile commodity price outlook. Overall, we see the stock undervalued at current levels and reiterate our Outperform rating and $134/sh NAV-based price target."

For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.

Shares of ConocoPhillips closed at $101.92 yesterday.

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