Bank of America and Barclays Update ConocoPhillips (COP) Targets on Oil Outlook Shift

ConocoPhillips (NYSE:COP) is included among the 15 Best Safe Dividend Stocks for 2026.

On March 16, Bank of America analyst Kalei Akamine raised the firm’s price recommendation on ConocoPhillips (NYSE:COP) to $120 from $102. The firm reiterated an Underperform rating on the shares. The analyst pointed to the ongoing impasse at the Strait of Hormuz as a key factor behind the change. The firm lifted its Brent oil price forecast to $77.50 for 2026, up from $61 previously. Price targets across the sector were updated to reflect the revised price outlook.

A few days earlier, on March 13, Barclays analyst Betty Jiang also increased the firm’s price objective on ConocoPhillips to $128 from $118 and kept an Overweight rating on the stock. The firm raised its 2026 oil price estimates following the Iran war and said the resulting cash flow support for the exploration and production sector remains underappreciated. Jiang wrote that while the oil spike is “unlikely to last for long,” the market is underestimating the near-term cash flow benefit and the “durable benefit” it could bring to the group’s ability to raise cash returns even after the conflict.

ConocoPhillips (NYSE:COP) operates as an exploration and production company. Its Alaska segment focuses on exploring for, producing, transporting, and marketing crude oil, natural gas, and NGLs. The Lower 48 segment covers operations across the 48 contiguous US states and the Gulf of Mexico.

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