ConocoPhillips Shares Plummet 0.4% as $1.3B Anadarko Basin Sale Drives 161st Trading Activity Rank

ConocoPhillips (COP) shares fell 0.40% on August 11, with a trading volume of $0.61 billion, a 25.73% drop from the previous day. The stock ranked 161st in terms of trading activity. Meanwhile, the company announced the sale of its Anadarko Basin assets for $1.3 billion, part of a broader strategy to divest non-core holdings. CEO Ryan Lance emphasized the focus on capital-efficient projects, with the transaction expected to close in early Q4 2025. This sale follows previous divestments, including $735 million from Gulf of Mexico assets, pushing the total divestment target to $5 billion.

Morgan Stanley upgraded its price target for COP to $123 from $119, maintaining an Overweight rating. The brokerage highlighted the company’s progress in deleveraging and strengthening its balance sheet through strategic asset sales. Analysts noted that proceeds from these transactions could enhance financial flexibility, supporting long-term shareholder value. The firm’s positive outlook aligns with ConocoPhillips’ emphasis on core operations and disciplined capital allocation.

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