Freedom Broker Cuts ConocoPhillips (COP) Rating after Recent Share Gains

With a 5-year average dividend growth rate of 14.05%, ConocoPhillips (NYSE:COP) is included among the 14 Best Dividend Stocks to Buy for Steady Growth.

On May 7, Freedom Broker downgraded ConocoPhillips (NYSE:COP) to Hold from Buy. It also increased the price target on the stock to $130 from $125. The firm said the downgrade was tied to valuation, noting that much of the stock’s near-term upside had already been realized.

On May 7, Reuters reported that ConocoPhillips said Norway’s energy ministry had approved development and operating plans for a project in the Greater Ekofisk area. The move is expected to increase gas deliveries to Europe. The Previously Produced Fields (PPF) project is a joint redevelopment of the Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields. The project is expected to deliver between 90 million and 120 million barrels of oil equivalent in recoverable gas and condensate.

According to plans submitted to the Norwegian government in February, ConocoPhillips and its partners plan to invest around 20 billion Norwegian crowns ($2.16 billion) to restart the three fields, which were shut down in 2019. ConocoPhillips holds a 35.1% stake in Albuskjell and Vest Ekofisk, along with a 28.3% interest in Tommeliten Gamma.

ConocoPhillips (NYSE:COP) is 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 includes operations across the 48 contiguous U.S. states and the Gulf of Mexico.

READ NEXT: 10 Best Inflation-Hedge Stocks to Buy for 2026 and 10 Best Stocks to Buy to Beat the S&P 500

Disclosure: None. Follow Insider Monkey on Google News.