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How ConocoPhillips Stock Reacted to the Divestiture News

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The day of

ConocoPhillips (COP) announced the news of its Canadian asset divestitures after the market closed on March 29, 2017. On the day of the announcement, COP’s stock price rose 1.3% to close at $45.95.

In after-hours trading, COP’s stock price traded as high as $49.39 before trading closed. In the three sessions leading up to the news, COP’s stock price was on a rising trend and had already risen from $44.10 to $45.95, mainly due to the bounce in crude oil (USO) prices during the same period. In the last three days, crude prices have jumped from $47.97 per barrel to $49.51 per barrel.

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Price action

In the last week, COP’s stock price has underperformed crude oil (SCO) and oil and gas exploration and production companies (XOP). COP’s peers Devon Energy (DVN), CONSOL Energy (CNX), and Occidental Petroleum (OXY) have risen ~5%, ~7%, and ~1%, respectively, in the last five trading days. The S&P 500 (SPY) has risen marginally in the last week.

On March 29, 2017, COP’s stock price closed at $45.95, and its 50-day and 200-day moving averages stood at $47.74 and $44.81, respectively.

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