The stock of ConocoPhillips (NYSE:COP) is now priced at $37.16 and the shares are -0.73 points down or -1.93% lower compared to its previous closing price of $37.89. The stock had 6.167 million contracts set over the past session. COP shares’ daily volume is compared to its average trading volume at 6.737 million shares. However, it has a float of 1070 million and although its performance was -4.35% over the week, it’s one to watch. Analysts have given the COP stock a yearly average price target of $51.42 per share. It means the stock’s upside potential is 38.37% with the COP share price recently placing at $36.615 to $37.6. However, some brokerage firms have priced the stock below the average, including one that has called $43.
The shorts are running away from the ConocoPhillips stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the COP shares have declined. Short interest in the stock represents just 0.89% of its float, but the volume has dropped by 0.
In the last trading session, ConocoPhillips (NYSE:COP) dropped by -$1.69 over the week and lost -$0.48 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $67.13. The stock recorded its established 52-week high on 01/03/20.
Since 03/18/20, the stock has traded to a low of $20.84 at 78.31%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.65. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, ConocoPhillips’s two-week RSI is 38.94. This suggests that the stock is neutral at the moment and that COP shares’ price movement remains stable. The stochastic readings are equally revealing at 13.27% meaning the COP share price is currently in overbought territory.
The technical chart shows that the COP stock will likely settle at between $37.63 and $38.11 per share. However, if the stock dips below $36.65, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $36.14.
Currently, the stock is trading in the red of MACD, with a reading of -0.39. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned COP a rating of Outperform in their resuming review released on August 05. Jefferies analysts see the stock as a Buy in a flash note released to investors on June 12 resuming covering the stock. BofA/Merrill seeing the stock struggling downgraded it from Buy to Neutral on May 01 placing it at $43 to $46.
The average rating for the COP equity is 1.88 and is currently gathering a bullish momentum. Of 26 analysts tracking ConocoPhillips polled by Reuters, 3 rated COP as a hold. The remaining 23 analysts were split evenly. However, the split wasn’t equal as a majority (23) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the COP stock price is 66.36X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for ConocoPhillips (NYSE:COP) will increase by about 72.92%, which will see them reach $4840 million. The company’s full-year revenues are, however, expected to diminish by about -46.22%, down from $36700 million to $19700 million. COP’s expected adjusted earnings should drop almost -130.49% to end up at -$0.25 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -123.96% to record -$0.86/share.