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ConocoPhillips Stock Is Outperforming Crude Oil Prices

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Crude oil and natural gas prices

For the week ending June 23, crude oil (USO) prices continued their weekly declining trend. Crude oil prices fell from $44.97 per barrel to $43.01 per barrel, a decrease of ~4%. This fall was the fifth consecutive weekly decline for crude oil prices. Natural gas (UNG) prices were also down ~4% last week.

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ConocoPhillips

Despite weaker crude oil (USO) prices, ConocoPhillips (COP) outperformed crude oil and natural gas prices. The COP stock price fell ~4% from $46.53 to $44.83. On Monday, failing to capitalize on last week’s gains, COP’s stock started the week on a negative note. A strong gap down on Tuesday made things worse for COP. Subsequently, on Wednesday and Thursday, COP stock closed down, followed by flat price action on Friday.

Peers

Due to a decline in crude oil and natural gas prices last week, the Energy Select Sector SPDR ETF (XLE) underperformed the S&P 500 ETF (SPY). SPY was almost flat, whereas XLE was down close to 3% last week. COP’s peers Marathon Oil (MRO) and Devon Energy (DVN) fell ~8% and ~4%, respectively, last week. Just like ConocoPhillips, DVN has operations in US resource plays. XLE invests at least 95% of its total assets in oil and gas companies. 

In the next part of this series, we’ll take a look at COP’s implied volatility.

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