Key Highlights
- ConocoPhillips reached a 52-week peak at $122.68, climbing 1.67% during the session
- The stock has surged 30.61% since the start of the year, with 26.28% gains over 12 months
- Goldman Sachs included COP in its prestigious US Director’s Cut conviction portfolio
- The energy giant is considering divesting Permian Basin properties worth approximately $2 billion
- Roth/MKM shifted its stance from Buy to Neutral with a $112 price objective
On March 17, 2026, ConocoPhillips achieved a fresh 52-week peak at $122.68 during intraday trading, ultimately closing at $122.72 — positioning the stock at the upper boundary of its trading range.
The energy company’s shares have climbed 30.61% since the beginning of the year, while delivering a robust 26.28% total return across the trailing twelve-month period. This performance stands out as impressive for a major energy player under current market conditions.
Based on InvestingPro analysis, COP trades below its calculated Fair Value benchmark, earning the stock a spot on the platform’s Most Undervalued securities roster.
In a notable vote of confidence, Goldman Sachs recently incorporated ConocoPhillips into its US Director’s Cut conviction portfolio during its monthly rebalancing process. This inclusion represents a significant vote of confidence from one of the financial industry’s most influential institutions.
However, sentiment isn’t uniformly positive across Wall Street. Roth/MKM recently revised its rating from Buy to Neutral, expressing apprehension about potential headwinds from oil price fluctuations in the near term. The firm established a $112.00 price objective — representing approximately 9% downside from current trading levels.
Roth/MKM’s caution stems from expectations that crude oil prices might be approaching a temporary ceiling, influenced in part by OPEC+ plans to increase production capacity.
$2 Billion Permian Divestiture Under Consideration
ConocoPhillips is actively exploring options to divest certain Permian Basin assets in a transaction potentially valued near $2 billion.
This strategic initiative aligns with the company’s broader objective to optimize its asset portfolio. No formal transaction has been confirmed to date.
Concurrently, senior vice president Andrew D. Lundquist offloaded 34,500 COP shares on March 13 at a price of $119.68 each, generating proceeds exceeding $4.1 million.
During the same trading session, Lundquist exercised stock options to acquire 34,500 shares at $49.755 per share, representing a total investment of approximately $1.72 million. Following these combined transactions, his direct ownership stands at 17,469 shares.
Crude Prices Offering Support
Crude oil prices have experienced upward momentum in recent trading sessions, fueled by intensifying geopolitical tensions across the Middle East. This dynamic has provided broad support to energy sector equities, with COP benefiting from the trend.
Both Brent crude futures and U.S. WTI benchmarks have advanced to significant price levels, creating an advantageous pricing environment for energy producers.
In related developments, Syria is moving forward with plans to grant oil and gas exploration licenses to major international energy companies, potentially creating fresh opportunities across the region.
With the stock trading at the upper limit of its 52-week range and InvestingPro data suggesting undervaluation, certain market observers believe additional upside potential remains.
COP concluded trading at $122.72 on March 17, 2026.
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