03:51 PM EDT, 10/14/2024 (MT Newswires) -- ConocoPhillips ( COP ) faces weaker natural gas realizations in Q3 with a trim in the earnings forecast, UBS Securities said Monday in the report.

UBS cuts its profit outlook to $1.63 a share from $1.67, with recent Wall Street estimates from $1.60 to $1.70. UBS projected Q3 production of 1.888 million barrels of oil equivalent per day, mostly in line with guidance.

ConocoPhillips ( COP ) still remains a top oil exploration and production pick with a buy rating and a price target of $140, UBS said.

The positive outlook is supported by the extensive resource base, clear production growth, "strong balance sheet and improving forward outlook" from the Marathon Oil ( MRO ) acquisition, UBS said.

ConocoPhillips ( COP ) probably will boost stock repurchases in Q4 to reach a goal of $9 billion in full-year capital returns, UBS said.

Shares of ConocoPhillips ( COP ) fell 1.1% in recent Monday trading.

Price: 109.25, Change: -1.24, Percent Change: -1.12