BofA Downgrades ConocoPhillips (COP), JPMorgan and Piper Sandler Lower PT

BofA believes that ConocoPhillips (NYSE:COP) needs lipid prices of astir $53 of WTI to screen its superior spending and dividend payments, which the probe steadfast sees arsenic “materially higher” erstwhile compared to its peers. BofA besides noted that the company’s debt-adjusted escaped currency travel output of conscionable 4.4% is “uncompetitive wrong the adjacent group.”

The concern steadfast believes these pressures are partially linked to the long-cycle investments by ConocoPhillips (NYSE:COP) successful Port Arthur LNG and Willow projects, which are inactive 2 and 4 years distant from opening operations, respectively.

On January 13, JPMorgan reduced its terms people connected ConocoPhillips (NYSE:COP) from $102 to $98 and maintained its Overweight standing connected the stock.

Earlier, connected January 8, Piper Sandler besides chopped its terms people connected ConocoPhillips (NYSE:COP) from $115 to $109 but kept its Overweight rating.

ConocoPhillips (NYSE:COP) is an American vigor institution that ranks among the world’s largest autarkic lipid and state exploration and accumulation companies based connected accumulation and proved reserves.

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