智通财经网·2026-01-13 06:31Group 1 - Wells Fargo upgraded ConocoPhillips (COP.US) from "Neutral" to "Outperform," raising the target price from $100 to $132 per share, indicating potential for leading industry dividend compound annual growth rate in the coming years [1] - The Willow oil field project is expected to start production in 2029, which will be a key turning point for the company's free cash flow, projected to generate approximately $4 billion in net cash flow in its first year at a Brent crude price of $65 per barrel [1] - Several factors will drive the company's organic free cash flow growth and enhance dividend payment capacity before the project starts, including the winding down of Qatar LNG project expenditures and the launch of multiple growth projects [1] Group 2 - The analyst estimates that ConocoPhillips' cumulative dividend payment capacity will increase by over $6 per share from 2026 to 2029, with an 8% dividend increase following the Q3 2025 earnings report, reaching $3.36 per share in 2026, demonstrating strong defensiveness in a declining oil price environment [2] - The rating for Range Resources (RRC.US) was downgraded from "Outperform" to "Neutral," with the target price reduced from $46 to $43 due to its free cash flow yield being at a premium compared to peers, particularly against Antero Resources (AR.US) [2] - Despite Range Resources' strong balance sheet and cost control, the current valuation premium is considered high, limiting further upside potential for the stock amid rising natural gas market risks [2]