ConocoPhillips (COP) : Traders are bullish on ConocoPhillips (COP) as it has outperformed the S&P 500 by a wide margin of 5.87% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 4.75%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 4.71% in the last 1 week, and is up 6.28% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 5.49% and the 50-Day Moving Average is 2.64%.
ConocoPhillips (NYSE:COP): The stock opened at $43.28 on Friday but the bulls could not build on the opening and the stock topped out at $43.48 for the day. The stock traded down to $43.02 during the day, due to lack of any buying support eventually closed down at $43.32 with a loss of -0.62% for the day. The stock had closed at $43.59 on the previous day. The total traded volume was 6,190,137 shares.
Also, In the latest statement by the brokerage house, JP Morgan upgrades its outlook on ConocoPhillips (NYSE:COP). The current rating of the shares is Neutral, according to the research report released by the firm. Previously, the company had a rating of Underweight. The rating by the firm was issued on July 11, 2016.
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids. The Company operates through six operating segments, which are primarily defined by geographic region: Alaska, Lower 48, Canada, Europe, Asia Pacific and Middle East, and Other International. The Companys continuing operations are producing in the United States, Norway, the United Kingdom, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia, Qatar, Libya and Russia. The Company has major ownership interests in two of North Americas oil fields located on Alaskas North Slope: Prudhoe Bay and Kuparuk.