On August 10, ConocoPhillips rose 3.01% in regular trading, trading at $121.19/share, with turnover of $45.22 million.
On the news front, multiple investment banks raised their target prices on the same day: Bernstein lifted its target from $121 to $129, Truist Securities raised from $115 to $130, and Jefferies maintained its Buy rating with a $159 target. The upgrades followed the company's strong Q2 earnings released on August 6, with adjusted EPS of $3.24 beating the consensus estimate of $2.88 by 12.5%, representing a 128% year-over-year increase. Total revenue reached $19.52 billion, also exceeding expectations.
Additionally, ConocoPhillips announced a leadership transition, with CEO Ryan Lance stepping down after 14 years and CFO Andy O'Brien named as successor effective September 1. The company also stated it plans to return the majority of free cash flow directly to shareholders and noted that cost-cutting initiatives are progressing ahead of schedule.
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