Morgan Stanley Raises ConocoPhillips (COP) Price Target to $159

Morgan Stanley has reaffirmed a positive outlook for ConocoPhillips, increasing the price target to $159, a 8.53% upside from the current price.

By EarningsIQ Research Desk · Published Oct 15, 2026, 9:18 PM EDT · Updated Oct 16, 2026, 8:15 PM EDT

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Morgan Stanley raised its price target on ConocoPhillips ($COP) to $159 from $151 on October 15, 2026, and rates the stock "Overweight".

Since the rating, $COP is up 3.4% to date (from the $141.73 close on Oct 15, 2026).

COP ConocoPhillips

$146.51 +54.86% year to date

Daily close · Oct 16, 2026

Key Points

Morgan Stanley has reiterated its Overweight rating on ConocoPhillips, raising the price target to $159 from $151.
The stock is currently trading at $145.9, suggesting upside potential as it nears the new target.
Analysts overall rate ConocoPhillips as a buy, with a consensus price target averaging $149.15.

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Morgan Stanley has reiterated its Overweight rating on ConocoPhillips (NYSE: COP) and raised the price target from $151 to $159 on October 15, 2026. The stock is currently priced at $145.9, which indicates a potential upside as it approaches the new target.

Analyst rating track record

Morgan Stanley vs. the S&P 500

YTD return +0.86% hypothetical

All-time return +0.86% S&P 500 +0.57%

vs. S&P 500 +0.29% ahead of the index

Hypothetical returns from Morgan Stanley's disclosed trades, not real profit or advice. How we model this.

Morgan Stanley's Call on ConocoPhillips

In its latest commentary, Morgan Stanley emphasized its positive outlook for ConocoPhillips and maintained the Overweight position. This adjustment in the price target reflects confidence in the company's performance amid market conditions.

Other Institutional Activity in ConocoPhillips

Several other institutional investors have adjusted their positions in ConocoPhillips as of June 30, 2026. Blackrock Inc. grew its holdings by 2.7 million shares, ending with about 93.9 million shares valued at approximately $13.7 billion. Charles Schwab Investment Management, Inc. added 3.6 million shares, bringing its total to about 41.5 million shares worth around $6.1 billion. In contrast, State Street Corporation trimmed its stake by approximately 2.6 million shares, now holding 65.8 million shares valued at about $9.6 billion. Price (T. Rowe) Associates Inc. reduced its position by about 2.5 million shares, ending with 44.8 million shares worth around $6.6 billion. Vanguard Capital Management LLC had a slight increase of 63,629 shares, totaling approximately 79.6 million shares valued at about $11.6 billion.

ConocoPhillips Stock Up 2.9%

Shares of ConocoPhillips currently trade at $145.9, slightly above the previous close of $142.34. The stock has been on a positive trend, trading close to its 52-week high of $143.13, which shows strong investor interest. The company has a market cap of approximately $172.7 billion and a P/E ratio of 18.8, highlighting its profitability in the oil and gas exploration sector.

12-month forecast

$COP price target

ConocoPhillips daily closes and this analyst's $159 target. Not advice.

Recent Earnings

In its latest earnings report, ConocoPhillips posted revenue of $64.5 billion, reflecting a revenue growth of 35.5% year-over-year. The company's earnings per share (EPS) stood at $7.55 with a net margin of 14.4%. The next earnings report is scheduled for November 5, 2026, which investors will watch closely for further insights into the company’s performance.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B 74/100

Reported Apr 30, 2026

Forward outlook
3 analysts raised price targets.
EPS & revenue
EPS beat estimates by 13.2%. Revenue beat estimates by 1.6%.
Profit surprise
EBITDA missed by 2 percent. Operating income beat by 2 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
3 target raises.
Earnings quality
Gross margin up 16.7 points. Operating margin down 4.6 points. Positive free cash flow.

Earnings Call Summary

ConocoPhillips delivered strong first quarter results with 1.89 dollars of earnings per share and 5.4 billion dollars of free cash flow, beating expectations. The company returned 2 billion dollars to shareholders. Willow construction in Alaska is 50 percent complete with key milestones achieved. The Middle East conflict has taken about 10 million barrels per day of global production offline, with Qatar being their main impact at about 80 thousand barrels per day. The company remains committed to its long-term strategy and is adding modest Permian activity to maintain operational efficiency.

Guidance The company lowered production guidance for the full year by 35 thousand barrels per day because of the Middle East conflict taking Qatar offline. Operating costs stay at 10.2 billion dollars, down 400 million from last year. Capital spending goes up slightly to 12 to 12.5 billion dollars to add Permian drilling and maintain efficiency. The company expects free cash flow to be up significantly from higher oil and liquefied natural gas prices since it is not hedged.

Solid report. Results were generally better than expected, but the forward outlook did not materially change.

Insider Buying and Selling at ConocoPhillips

Recent insider activity includes General Counsel Rose Kelly Brunetti selling 15,000 shares on August 20, 2026, at an average price of $134.52, totaling approximately $2.0 million. CEO Lance Ryan Michael sold 113,221 shares on March 31, 2026, at an average price of $132.71, for about $15.0 million. Other notable transactions include Brunetti's sale of 7,700 shares on March 24, 2026, and Director Mulligan Sharmila's sale of 1,974 shares on June 10, 2026.

Analysts Set New Price Targets

Alongside Morgan Stanley, Jefferies also maintains a Buy rating on ConocoPhillips, raising its price target to $174 on October 7, 2026. Truist Securities and UBS have maintained Hold and Buy ratings, respectively, with targets of $136 and $169. Overall, consensus among analysts suggests a positive outlook for ConocoPhillips, with a mean price target of $149.15 based on 26 opinions.

About ConocoPhillips

ConocoPhillips is an energy company that explores for, produces, transports, and markets crude oil and natural gas. With operations across various regions, including Alaska and Europe, it plays a significant role in the oil and gas industry. The recent analyst activity reflects ongoing confidence in its strategic direction and market positioning.

Bottom Line

Investors will be watching ConocoPhillips closely ahead of its upcoming earnings report on November 5, 2026. The reiteration of the Overweight rating and the price target increase by Morgan Stanley indicates continued analyst confidence. Remember, the 13F filing reflects positions as of the end of the prior quarter and may not match current holdings.