ConocoPhillips (COP) Stock Still Looks Undervalued Despite Its Iraq Oilfields Deal

ConocoPhillips (COP) stock has delivered a 152.3% return over the past five years and is currently trading at a P/E of 19.9x, which is below Simply Wall St's fair P/E of 24.9x. The stock is considered undervalued in 4 of 6 valuation checks, presenting a mixed picture. The company's recent acquisition of a stake in Iraq's Kirkuk oil fields and its LNG projects are key factors in its future valuation, with different narratives suggesting it could be 17% undervalued or fairly valued.