Key Highlights
- COP shares peaked at $122.68, marking a fresh 52-week high with 1.67% daily gains
- The energy stock has climbed 30.61% since January, with 26.28% returns over 12 months
- Goldman Sachs included ConocoPhillips on its US Director’s Cut conviction roster
- The energy producer eyes approximately $2 billion divestiture of Permian operations
- Roth/MKM shifted rating to Neutral from Buy, establishing $112 price objective
On March 17, 2026, ConocoPhillips reached an annual peak of $122.68 during trading sessions, ultimately closing at $122.72 — positioning the energy giant at the upper boundary of its trading corridor.
The energy major’s shares have surged 30.61% from the start of the year, while generating 26.28% in total returns across the trailing twelve months. This performance represents impressive momentum for a large-cap energy producer.
InvestingPro data indicates COP remains below its Fair Value calculation, earning placement on the platform’s Most Undervalued securities roster.
In a notable vote of confidence, Goldman Sachs incorporated ConocoPhillips into its US Director’s Cut conviction portfolio during its latest monthly rebalancing. This designation carries significant weight from a premier Wall Street institution.
However, sentiment isn’t uniformly positive. Roth/MKM shifted its stance to Neutral from Buy, expressing apprehension about immediate crude price pressures. The analysts established a $112.00 price objective — approximately 9% beneath current trading levels.
Roth/MKM’s cautious outlook stems from expectations that petroleum markets may have reached a near-term ceiling, influenced by OPEC+ production increases.
Major Permian Basin Divestiture Under Consideration
ConocoPhillips is actively exploring the disposition of certain Permian Basin assets. Industry sources suggest the transaction could command approximately $2 billion.
This strategic initiative reflects the company’s ongoing portfolio optimization efforts. No formal agreement has been disclosed to date.
Concurrently, Andrew D. Lundquist, serving as senior vice president, divested 34,500 COP shares on March 13 at $119.68 apiece, generating proceeds exceeding $4.1 million.
During the identical timeframe, Lundquist acquired 34,500 shares through option exercises priced at $49.755, representing aggregate value near $1.72 million. Following these transactions, his direct ownership stands at 17,469 shares.
Rising Petroleum Prices Boost Energy Sector
Crude oil prices have experienced upward momentum recently, propelled by intensifying Middle Eastern tensions. This dynamic has broadly benefited energy equities, including ConocoPhillips.
Both Brent crude and U.S. WTI benchmarks advanced to significant price levels, creating advantageous conditions for energy producers.
Separately, Syria has announced plans to grant oil and gas exploration concessions to international energy corporations, potentially creating fresh development prospects in the territory.
With shares trading at the top of their 52-week band and InvestingPro flagging undervaluation, certain market observers maintain optimistic outlooks for continued appreciation.
ConocoPhillips concluded trading at $122.72 on March 17, 2026.
