Truist Cuts PT on ConocoPhillips (COP) Following Q2

ConocoPhillips (NYSE:COP) is one of the top cheap blue chip stocks to buy according to Wall Street analysts. Truist cut the price target on ConocoPhillips (NYSE:COP) to $115 from $128 on July 8 and maintained a Hold rating on the shares. The rating update came as part of a preview of its fiscal Q2 results, with the firm telling investors in a research note that the company is likely to benefit from higher oil prices in the quarter, given it’s unhedged. However, it added that this is slightly offset by significantly weak Waha prices and higher operating expenses relative to fiscal Q1.

Why ConocoPhillips (COP) is One of the Most Resilient Safe Dividend Stocks in Oil & Gas

ConocoPhillips (NYSE:COP) also received a rating update from Morgan Stanley on June 29. The firm cut the price target on the stock to $146 from $153 and maintained an Overweight rating on the shares, stating that since the announcement of a memorandum of understanding between the United States and Iran on June 14, oil prices have dropped, with WTI now sitting only slightly above pre-conflict levels. The firm thus refreshed its estimates for the latest energy prices.

ConocoPhillips (NYSE:COP) is an exploration and production company that explores, transports, produces, and markets crude oil, natural gas, and bitumen. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, the Middle East, and North Africa, Asia Pacific, and Other International.

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