Movement Alert|ConocoPhillips Rises 3.13% in Regular Trading, International Oil Prices Surge on US-Iran Conflict Escalation

Market Focus07-13

On July 13, ConocoPhillips rose 3.13% in regular trading, trading at $111.39/share, with turnover of $83.92 million. The rally was driven by a sharp surge in international oil prices following an escalation in the US-Iran conflict.

WTI crude broke above $70 per barrel, climbing more than 5%, broadly lifting the oil and gas sector. UBS recently noted that ConocoPhillips' strong fiscal Q2 operations should offset Middle East headwinds, with the company likely to reiterate full-year production and equity affiliate distribution projections. Large US shale producers, including ConocoPhillips, are expected to report significantly higher Q2 profits as crude prices remain elevated amid supply disruptions near the Strait of Hormuz, which handles nearly 20% of global oil supply.

Analysts maintain a consensus overweight rating on the stock, with a mean price target of approximately $142.83. The company is scheduled to report Q2 earnings on August 6, with consensus EPS estimates at $2.98.

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