ConocoPhillips (COP) PT Raised to $149 at Mizuho

Mizuho analyst Nitin Kumar raised the price target on ConocoPhillips (NYSE: COP) to $149.00 (from $146.00) while maintaining a Outperform rating.

The analyst comments "Stock reaction to PR - slightly positive. COP delivered a modest CFFO beat of ~4% vs. MSUSAe/Street. The core message from the update was consistent delivery against strategic priorities, with Permian efficiency improvements, progress on Willow with first oil on target for early 2029, increased LNG offtake agreements, and first oil on new Surmont wells. Management remains committed to its long-standing 45% of CFO cash return framework, increasing buybacks in the quarter to ~$2.4bn (vs. ~$1.5bn in 1H26) and a ~11% increase to the base dividend to $0.93/sh quarterly. We expect the outlook for 2027 willbe the key focus, with management reiterating low single digit underlying production growth for lower capex vs. 2026. Overall, this is new CEO Mr. O'Brien's first call after taking over the role - and the message seems to be consistency. Maintain Outpeform rating and raise NAV-based price target to $149/sh (vs. $146 prior)."

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