ConocoPhillips Strong Operations Seen Offsetting Middle East, Surmont Headwinds, UBS Says

MT newswire2026/10/07 18:49

02:49 PM EDT, 10/07/2026 (MT Newswires) -- ConocoPhillips (COP) is likely to accelerate share repurchases as it works to catch up on its 2026 shareholder return commitment, with strong operations helping offset Middle East disruptions and lower Surmont volumes, UBS said in a note Tuesday. UBS said the company returned about 40% of cash from operations in H1 and needs to move toward 50% in H2 to meet its 45% full-year target. The firm forecasts buybacks of $2.5 billion in Q3 and $2.75 billion in Q4. The firm expects new CEO Andy O'Brien, on his first earnings call, to stick to the company's playbook of disciplined capital allocation and return on capital, while giving a positive update on long-term projects. The firm forecasts Q3 adjusted EPS of $3.10, above the Street's $2.96, and expects consensus to move toward its estimate as models are updated for commodity prices. UBS reiterated the company's buy rating and $169 price target. Price: 129.40, Change: +0.05, Percent Change: +0.03

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

Goldman Sachs upgrades Palantir (PLTR.US) to "Buy" with a price target of $230, optimistic about AI growth continuing through 2027.

Goldman Sachs has upgraded enterprise software company Palantir from "Neutral" to "Buy," citing the company's recent underperformance in stock price and increased valuation attractiveness.

智通财经•2026/10/09 00:46

Today's Fear and Greed Index drops to 59, indicating the market is in a "Greed" state.

ForesightNews•2026/10/09 00:33

The global PC market faces a "winter"! Q3 shipments plunged by over 20%, Apple (AAPL.US) gains market share against the trend

Due to supply constraints and inventory pre-stocking impacting sales, the personal computer (PC) market plummeted by over 20% year-on-year in the third quarter. Despite the overall market downturn, Apple outperformed the industry and achieved a gain in market share.

智通财经•2026/10/09 00:26

Polymarket has started charging fees for geopolitical events.

Odaily星球日报•2026/10/09 00:25