Houston, Texas-based ConocoPhillips (COP) is one of the world’s largest independent E&P companies based on production and proved reserves. With a market cap of $126.2 billion, ConocoPhillips employs nearly 11,800 people and operates in 13 countries across the Americas, Indo-Pacific, and the EMEA region.

Companies worth $10 billion or more are generally described as "large-cap stocks," and ConocoPhillips fits this bill perfectly. Given its dominance in the oil & gas industry, its valuation above this mark is not surprising. With a commitment to safe and responsible development, the company accesses, develops and produces oil & natural gas to help meet the world's energy needs.

However, it's not all rainbows and sunshine, ConocoPhillips has plummeted 31.5% from its two-year high of $135.18 touched on Apr. 12, 2024. Furthermore, COP stock has plunged 12.7% over the past three months, lagging behind the Nasdaq Composite’s ($NASX) 5.8% dip during the same time frame.

Over the longer term, ConocoPhillips’ performance looks even grimmer. COP stock has plummeted 18.9% over the past 52 weeks and 15.7% over the past six months, lagging behind NASX’s 12.8% surge over the past year and 7.1% gains over the past six months.

To confirm the bearish trend, COP stock has remained consistently below the 200-day moving average since late May 2024 and traded along its downward trending 50-day moving average over the past months.

ConocoPhillips stock observed a marginal decline after the release of its Q4 results on Feb. 6. While the company delivered a notable increase of 281 MBOED in production compared to the year-ago quarter to 2,183 MBOED, due to a decrease in oil prices ConocoPhillips’ overall topline decreased 3.7% year-over-year to $14.7 billion. Meanwhile, its adjusted net income dropped nearly 16% year-over-year to $2.4 billion. However, on a positive note, the company’s topline surpassed the Street’s expectations by 41 basis points and its adjusted EPS of $1.98 exceeded the consensus estimates by 4.2%, which mitigated the drop in stock prices.

Furthermore, COP has also underperformed its peer EOG Resources, Inc.’s (EOG) 3.8% gains over the past year and a 2.5% dip over the past six months.

Nonetheless, analysts remain optimistic about the stock’s long-term prospects. COP has a consensus “Strong Buy” rating among the 28 analysts covering the stock. Its mean price target of $130.62 represents a 41% premium to current price levels.