TLDR
- ConocoPhillips hit a 52-week high of $122.68, trading up 1.67% on the day
- Year-to-date return stands at 30.61%, with a 26.28% total return over the past 12 months
- Goldman Sachs added COP to its US Director’s Cut conviction list
- The company is exploring selling Permian Basin assets valued at around $2 billion
- Roth/MKM downgraded COP from Buy to Neutral, setting a price target of $112
ConocoPhillips touched a new 52-week high of $122.68 on March 17, 2026, before settling at $122.72 — putting it right at the top of its recent range.
The stock is up 30.61% year-to-date and has delivered a 26.28% total return over the past 12 months. That’s a strong run for an energy major in any environment.
According to InvestingPro, COP still appears undervalued relative to its Fair Value estimate, and the stock has landed on the platform’s Most Undervalued list.
Goldman Sachs recently added ConocoPhillips to its US Director’s Cut conviction list as part of a monthly portfolio recalibration. That’s a meaningful endorsement from one of Wall Street’s biggest shops.
Not everyone is as bullish, though. Roth/MKM downgraded the stock from Buy to Neutral, citing concerns about near-term oil price risk. The firm set a price target of $112.00 — roughly 9% below where the stock is trading now.
Roth/MKM’s concern centers on the possibility that oil prices may be near a short-term peak, partly due to OPEC+ ramping up output.
Permian Asset Sale in the Works
ConocoPhillips is reportedly looking to sell a portion of its Permian Basin holdings. The potential deal could be worth around $2 billion.
The move is part of a broader effort to streamline its portfolio. No deal has been announced yet.
Meanwhile, senior vice president Andrew D. Lundquist sold 34,500 COP shares on March 13 at $119.68 per share, totaling just over $4.1 million.
On the same day, Lundquist exercised options to buy 34,500 shares at $49.755, a total value of roughly $1.72 million. After both transactions, he directly holds 17,469 shares.
Oil Prices Providing Tailwind
Crude oil prices have moved higher in recent weeks, driven by escalating conflict in the Middle East. That’s lifted energy stocks broadly, including COP.
Brent crude futures and U.S. WTI both pushed to notable levels, giving energy companies a favorable pricing backdrop.
In a separate development, Syria is preparing to award oil and gas exploration licenses to major energy firms, opening up potential new opportunities in the region.
The stock’s 52-week range puts the current price right at the top end, and InvestingPro’s undervalued reading suggests some analysts still see room to run.
COP last traded at $122.72 on March 17, 2026.
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