Buzz-Street View: ConocoPhillips succession lacks drama, analysts say
COP•Broker views on the leadership change
- J.P. Morgan ("neutral") raises PT to $134 from $124
- Says CEO transitions from generational industry leaders are not always a straightforward process, but we think the company has checked all of the key boxes with Andy O’Brien’s near-term promotion as COP's CEO
- Morgan Stanley ("overweight") raises PT to $147 from $146 and expects strategic continuity with O'Brien at helm
- Melius Research ("hold", PT: $129) says Andy is a known, savvy operator and will deliver on the promises the company has made
- Adds, Ryan Lance leaves COP in "excellent shape – record production, a solid balance sheet, a looming free cash flow ramp, and new opportunities unfolding"
- Truist Securities ("hold", PT:$115) fears the CEO transition announcement could overshadow the solid results
- Wells Fargo also raises PT to $189 from $183
Analysts see continuity in CEO transition
ConocoPhillips COP.N on Thursday named CFO Andy O'Brien as its next CEO, succeeding Ryan Lance upon his retirement on September 1, after the oil and gas producer posted better-than-expected quarterly profit.
19 out of 27 brokerages rate the stock "buy" or higher, and 8 "hold"; their median PT is $145 - data compiled by LSEG.
