US oil and gas mergers continue at furious pace in Q2, says Enverus
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 30 2024
0mins
Source: Yahoo Finance
Oil and Gas Mergers Surge: U.S. oil and gas deals exceeded $30 billion in the second quarter, driven by major mergers like ConocoPhillips' $22.5 billion bid for Marathon Oil, despite calls from lawmakers to slow down merger approvals.
Market Trends and Valuations: The average price per undeveloped drilling location rose significantly to $3.2 million, while smaller deals under $1 billion faced challenges due to capital constraints and changing investment strategies among private-equity investors.
Analyst Views on COP
Wall Street analysts forecast COP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COP is 112.38 USD with a low forecast of 100.00 USD and a high forecast of 120.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
13 Buy
3 Hold
0 Sell
Strong Buy
Current: 98.930
Low
100.00
Averages
112.38
High
120.00
Current: 98.930
Low
100.00
Averages
112.38
High
120.00
About COP
ConocoPhillips is an exploration and production company. Its Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs. The Lower 48 segment consists of operations located in the 48 contiguous states in the United States and the Gulf of Mexico. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia and commercial operations. The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the United Kingdom. Asia Pacific segment has exploration and production operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
