ConocoPhillips (COP) closed at $137.57, its highest level in the past 52 weeks, marking a 45.27% gain over the prior year and a 47.44% rise year‑to‑date. The stock’s one‑year total return stands at 51.64%.
The company reported second‑quarter 2026 adjusted earnings of $3.24 per share, beating Wall Street’s consensus of $2.85. Revenue for the quarter was $18.64 billion, slightly below analysts’ forecasts, while free cash flow reached $4.2 billion.
Production averaged 2.248 million barrels of oil equivalent per day, surpassing the upper end of the company’s guidance range. Ten analysts have recently revised ConocoPhillips’ earnings estimates upward.
UBS raised its price target on the stock to $153 from $143 and reaffirmed a Buy rating, citing confidence in new chief executive Andy O’Brien and a robust project pipeline.
Separately, Aker BP agreed to acquire Apache’s stake in the Losgann/Froskelår discovery and a 51% interest in the Slagugle area from ConocoPhillips Skandinavia. The transaction, subject to regulatory approval, will give Aker BP operatorship across the UK‑Norway median line.
