Key Highlights
- ConocoPhillips reached a 52-week peak at $122.68, climbing 1.67% during the session
- The stock has gained 30.61% year-to-date, with total returns of 26.28% over 12 months
- Goldman Sachs included COP in its US Director’s Cut conviction portfolio
- The energy company is considering divesting Permian Basin holdings worth approximately $2 billion
- Roth/MKM shifted its rating from Buy to Neutral with a $112 price objective
On March 17, 2026, ConocoPhillips reached a fresh 52-week peak of $122.68 before closing at $122.72 — positioning the energy giant at the upper end of its trading band.
The energy major has posted impressive gains of 30.61% since January, while total returns over the trailing 12-month period hit 26.28%. These figures represent solid performance for a large-cap energy producer.
Data from InvestingPro suggests COP remains undervalued compared to its Fair Value calculation, with the stock appearing on the platform’s Most Undervalued securities list.
In a vote of confidence, Goldman Sachs incorporated ConocoPhillips into its US Director’s Cut conviction portfolio during its latest monthly rebalancing. This endorsement from a leading Wall Street firm carries significant weight.
However, sentiment isn’t uniformly positive. Roth/MKM moved its rating down from Buy to Neutral, expressing caution about potential near-term headwinds in crude pricing. Their $112.00 price objective sits approximately 9% under current trading levels.
Roth/MKM’s downgrade reflects worries that crude prices might be approaching a near-term ceiling, particularly as OPEC+ moves toward increasing production volumes.
$2 Billion Permian Divestiture Under Consideration
ConocoPhillips is actively exploring options to divest a segment of its Permian Basin operations. Industry sources suggest the transaction could fetch approximately $2 billion.
This strategic move aligns with the company’s broader portfolio optimization initiatives. No formal announcement has been made regarding any transaction.
In related news, Andrew D. Lundquist, serving as senior vice president, offloaded 34,500 COP shares on March 13 at $119.68 each, generating proceeds exceeding $4.1 million.
The same day, Lundquist acquired 34,500 shares through option exercises priced at $49.755, representing a total transaction value near $1.72 million. Following these moves, his direct ownership stands at 17,469 shares.
Rising Crude Prices Support Energy Sector
Crude oil prices have experienced upward momentum recently, fueled by intensifying geopolitical tensions across the Middle East. This development has provided broad support for energy equities, including COP.
Both Brent crude and U.S. WTI benchmarks advanced to significant price points, creating a constructive environment for energy producers.
In related international developments, Syria is moving forward with plans to grant oil and gas exploration licenses to international energy corporations, potentially creating fresh investment opportunities in the region.
With shares trading at the high end of their 52-week range and InvestingPro flagging potential undervaluation, some market observers believe additional upside remains possible.
COP concluded trading at $122.72 on March 17, 2026.
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