Barclays has revised its price target for ConocoPhillips (COP, Financial), reducing it from $135 to $120 while maintaining an Overweight rating on the stock. This adjustment is part of the bank's first-quarter preview for the integrated oil and production sector.
The current macroeconomic landscape is crucial this quarter, and companies with low break-even points and robust balance sheets will likely fare better amid low oil prices. This is particularly relevant as Barclays lowers its oil price expectations for the upcoming years—forecasting $60 per barrel in 2025 and $65 per barrel in 2026—citing ongoing uncertainties in the market.
