TLDR
- ConocoPhillips reached a 52-week peak of $122.68, advancing 1.67% during the session
- The stock has posted a 30.61% year-to-date gain, with total returns of 26.28% over the trailing 12-month period
- Goldman Sachs included COP on its US Director’s Cut conviction portfolio
- The energy giant is considering divesting Permian Basin properties worth approximately $2 billion
- Roth/MKM cut its rating from Buy to Neutral, establishing a $112 price objective
On March 17, 2026, ConocoPhillips reached a fresh 52-week peak of $122.68 before closing at $122.72 — positioning the shares at the upper boundary of its trading band.
The energy company’s shares have climbed 30.61% since the beginning of the year and generated a 26.28% total return over the past year. This represents impressive performance for a major energy producer in the current market landscape.
Data from InvestingPro indicates that COP remains undervalued when measured against its Fair Value calculation, with the stock appearing on the platform’s Most Undervalued securities list.
In a show of confidence, Goldman Sachs recently included ConocoPhillips in its US Director’s Cut conviction portfolio during its monthly rebalancing. This represents a significant vote of confidence from one of the most influential investment banks.
However, not all analysts share this optimism. Roth/MKM lowered its rating from Buy to Neutral, expressing caution about potential oil price headwinds in the near term. The firm established a $112.00 price objective — approximately 9% beneath current trading levels.
The downgrade from Roth/MKM reflects concerns that crude prices may have reached a near-term ceiling, influenced in part by increased production from OPEC+ members.
Permian Asset Sale Under Consideration
Reports indicate ConocoPhillips is evaluating the sale of certain Permian Basin assets. The transaction could fetch approximately $2 billion.
This potential divestiture aligns with the company’s strategic initiative to optimize its asset portfolio. No transaction has been finalized to date.
In recent insider activity, senior vice president Andrew D. Lundquist divested 34,500 COP shares on March 13 at a price of $119.68 each, generating proceeds exceeding $4.1 million.
The same day, Lundquist acquired 34,500 shares through option exercises at $49.755 per share, valued at approximately $1.72 million. Following these transactions, his direct ownership stands at 17,469 shares.
Oil Prices Providing Tailwind
Crude oil prices have strengthened in recent weeks, propelled by intensifying tensions in the Middle East. This development has boosted energy sector equities broadly, with COP benefiting from the trend.
Both Brent crude and U.S. WTI futures have advanced to significant price levels, creating a supportive environment for energy producers.
In related industry news, Syria is positioning itself to grant oil and gas exploration licenses to international energy companies, potentially creating new growth avenues in the region.
With the stock trading at the high end of its 52-week range and InvestingPro’s undervalued assessment, some market observers believe additional upside potential remains.
COP concluded trading at $122.72 on March 17, 2026.
