12 Most Promising Energy Stocks According to Analysts

7) ConocoPhillips (NYSE:COP)

Average Upside Potential: 30.0%

Number of Hedge Fund Holders: 66

ConocoPhillips (NYSE:COP) is a leading energy player as it is one of the largest independent exploration and production companies focusing on crude oil, natural gas, and natural gas liquids. Analyst Suvro Sarkar from DBS reiterated a “Buy” rating on the company’s stock, providing a price objective of $130.00. The rating is backed by several factors highlighting ConocoPhillips (NYSE:COP)’s strong operational performance and strategic growth initiatives.

Furthermore, ConocoPhillips (NYSE:COP) remains focused on expanding its low-cost portfolio by improving its drilling efficiency and acquiring strategic assets. Some of the notable acquisitions consist of Concho Resources and Shell’s Permian assets, cementing its position in the prolific Permian Basin. ConocoPhillips (NYSE:COP) continues to advance its LNG strategy with key projects and agreements globally. Elsewhere, Truist Securities maintained a positive stance, with analyst Neal Dingmann reiterating a “Buy” rating and a target of $139.00.

ConocoPhillips (NYSE:COP) is expected to sustain single-digit production growth and significant reductions in capital expenditures with the help of improved operational efficiencies. The analyst also highlighted that the company is well-placed to refine its portfolio by planning ~$2 billion in asset sales. This move focuses on enhancing the quality of its assets.