This Value Stock Might Have a 30% Upside Potential in 2026 Alone

ConocoPhillips (COP), one of the world’s largest independent oil and gas exploration and production companies, is down 3% year-to-date. Although many aggressive traders and investors have chosen to avoid this stock, Tradingbiz analyst Rahul Nambiampurath believes that it might be a compelling buy in 2026.

“ConocoPhillips is strategically positioned within the current M&A cycle in the U.S. E&P sector. Major acquisitions like Concho and Hess create a vacuum for high-quality large-cap oil exposure. As the largest independent E&P by production and market cap, ConocoPhillips stands to attract significant investor interest,” mentions Rahul after his deep dive into the company.

What Does the Last Financial Report Indicate?

Rahul closely analysed ConocoPhillips’ Q1 2026 financial report, only to find the following insights:

• Sales and Operating Revenues: $14.5 billion (below expectations by $480 million)
• Production: 1,902 thousand barrels of oil equivalent per day (Mboe/d)
• Earnings: $2.03 per share (non-GAAP), in line with expectations

Even though the revenue shortfall indicated operational and market-specific challenges, ConocoPhillips continued its strong commitment to returning capital to shareholders, aligning with its policy of distributing 30% of cash from operations. In Q1 2026 alone, significant shareholder returns were maintained.

Even the non-GAAP EPS met expectations, showing consistent earnings despite revenue shortfalls. Rahul mentions that EPS meeting expectations, followed by strong production levels in Q1 2026, pushed COP on a bullish path. The market appears to be optimistic for the Q2 2026 report, which is expected to surface on July 25, 2026.

What’s Cooking With the Price Action?

A closer analysis of COP’s daily chart reveals it is moving inside a channel pattern, closing in on the lower trendline. While the stock teased a trendline breach a few days back, bulls managed to get it back into a positive mix. COP is currently trading at $114, and it first needs to breach the $115 mark to showcase some additional bullish strength.

A volume-led move above 115 can quickly prime it for a surge up to $130 due to the lack of any evident resistance level. And if it crosses $130, led by strong financial reports and other positive triggers, it might just have legs to reach $139.68 and then $147.73, projecting a maximum upside potential of over 30%.

BofA analyst Akamine shares Rahul’s bullish views with a Buy rating on COP and a price target of $147. Even Wells & Fargo boosted their price target for COP from $149 to $151, all while maintaining the Overweight rating.