Roth MKM downgrades ConocoPhillips on oil oversupply concerns

Roth MKM downgrades oil and gas producer ConocoPhillips COP.N to "neutral" from "buy" citing concerns on global oil prices

Brokerage says OPEC+ added about 2 mln barrels/day in 2025, a jump it expects will keep the market in oversupply through most of 2026

Adds that while global oil demand looks healthy and supplies from sanctioned countries like Russia and Iran could fall in 2026, it expects inventories to rise next year, putting downward pressure on prices

Shares of co marginally up in premarket trading

Of 29 brokerages tracking the stock, 21 rate it "buy" or higher, seven "hold" and one "sell"; their median PT is $118 - data compiled by LSEG

As of last close, stock up 19.03% YTD