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How ConocoPhillips Stock Has Performed Recently

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Underperformance

In the last two weeks, crude oil (USO) and natural gas (UNG) producer ConocoPhillips (COP) has seen its stock price underperform crude oil prices. ConocoPhillips’s stock price fell from $50.14 to $47.04, whereas crude oil prices were marginally up from $53.86 per barrel to $53.99 per barrel during the same period. ConocoPhillips’s production contains ~60% liquids. Thus, its price is more dependent on crude oil prices. We’ll study recent news related to COP’s production mix in the next part.

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Did COP peers also underperform?

COP’s peers Devon Energy (DVN), Marathon Oil (MRO), and Occidental Petroleum (OXY) are down by ~6%, ~3%, and ~5%, respectively, in the last two weeks. The underperformance of oil and gas exploration and production companies (XOP) was more evident in light of the S&P 500’s (SPY) positive performance over the last two weeks.

Price action

ConocoPhillips’s stock price rallied strongly from the low of $38.37 in August 2016 to a high of $52.89 in December 2016. Since then, COP stock prices appear to be consolidating the gains. Currently, COP is trading below its 50-day moving average but above its 200-day moving average. On February 24, 2017, COP’s stock price closed at $47.04, whereas its 50-day and 200-day moving averages stand at $49.84 and $44.51, respectively. COP’s 50-day moving average dropped last week, but its 200-day moving average is still trending upward.

In the next article, we’ll look at recent updates for COP.

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