Is ConocoPhillips overvalued or undervalued?

As of 17 October 2025, the valuation grade for ConocoPhillips has moved from fair to expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 20, which is higher than its peer EOG Resources, Inc. at 10.65, and its EV to EBITDA ratio of 15.51, which also exceeds the industry average. Additionally, the Price to Book Value stands at 2.97, further supporting the notion of overvaluation when compared to industry peers.
In terms of peer comparison, ConocoPhillips has a higher P/E ratio than both EOG Resources, Inc. and Pioneer Natural Resources Co., which have P/E ratios of 10.65 and 13.11, respectively. The recent stock performance has also been underwhelming, with ConocoPhillips returning -18.53% over the past year compared to the S&P 500's positive return of 14.08%, reinforcing the view that the stock may be overvalued.