ConocoPhillips shares climbed to a 52-week high of $135.87 on Friday, closing at $135.84, extending a 43.18% gain over the past year.
The Houston-based energy company reported adjusted second-quarter earnings of $3.24 per share, exceeding Wall Street’s forecast of $2.85. Revenue totaled $18.64 billion, slightly below analyst projections. Production averaged 2.248 million barrels of oil equivalent per day, while free cash flow reached $4.2 billion.
UBS upgraded its price target on ConocoPhillips to $153 from $143, maintaining a Buy rating. The firm joins seven other analysts who have raised earnings estimates for the company. ConocoPhillips has paid dividends for 56 consecutive years.
Separately, Aker BP agreed to acquire Apache’s stake in the Losgann/Froskelår discovery and a 51% working interest in the Slagugle area from ConocoPhillips Skandinavia, pending regulatory approvals.
