CONOCOPHILLIPS (COP)

Petroleum Refining

Latest Price

$120.48

TTM P/E

20.42

Normalized P/E

13.20

Div Yield

2.69%

Book Value

52.73

P/B Ratio

2.28

Valuation metrics

EPS: $6.35

Book value / share: $51.45

Formula: √(22.5 × EPS × BVPS)

Graham Number

$85.74

29% downside

Norm. op. income: $12.7B (median of 7yr)

Tax rate: 33%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$54.53

55% downside

Base FCF: $8.1B (median of recent 4yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$466.02

+287% upside

EPS: $6.35

Target P/E: 13×

Formula: EPS × P/E

P/E Fair Value

$82.55

31% downside

80.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	91.17M	$12.03B	7.45%	+1.62M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	79.54M	$10.50B	6.50%	--	2026-03-31
STATE STREET CORP	68.47M	$9.04B	5.59%	+3.92M	2026-03-31
PRICE T ROWE ASSOCIATES INC /MD/	47.31M	$6.24B	3.86%	+3.47M	2026-03-31
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	37.91M	$5.00B	3.10%	-3.54M	2026-03-31
Capital International Investors	31.12M	$4.11B	2.54%	-17.24M	2026-03-31
FMR LLC	29.39M	$3.88B	2.40%	+8.24M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	28.58M	$3.75B	2.33%	+663.5K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	28.33M	$3.74B	2.31%	--	2026-03-31
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	20.27M	$2.69B	1.66%	-2.07M	2026-03-31