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ConocoPhillips Is Nearing the $40 Price Level

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Dec. 4 2020, Updated 10:53 a.m. ET

ConocoPhillips nears the $40 price level

ConocoPhillips (COP) closed 16% below its 100-day moving average at $38.56 on March 3. On March 1, it moved above its 20-day moving average. Since February 11, the stock converged with its 100-day and 20-day moving averages. The stock is nearing its psychologically important price level of $40. Since January 5, when it broke below $40, ConocoPhillips stock hasn’t been able to break above this level. Currently, ConocoPhillips is 45% below its 52-week high and 24.2% above its 52-week low.

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The upstream stocks in the above table all traded below their 100-day moving averages except Cabot Oil & Gas (COG), Apache, and EQT (EQT). They were 14% and 6.25% above their respective 100-day moving averages. Cabot Oil & Gas and EQT operate with production mixes of 95.5% and 90.7%, respectively, in natural gas (UNG)(UGAZ).

Wall Street analysts’ consensus estimates

Wall Street analysts’ consensus median estimates indicate a 26% rise for these select upstream companies. Hess (HES) and Pioneer Natural Resources (PXD) could rise by as much as 14.3% and 16%, respectively, over the next 12 months from their current levels—based on their median estimates.

Based on Wall Street analysts’ median estimates for the next 12 months, Anadarko Petroleum (APC) could rise 33% and EOG Resources could rise 15%.

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