Recent exceptional negative changes in investment behavior have affected Conocophillips (NYSE: COP): the stock’s recent price decline challenged its longer term uptrend, its shorter term price trend turned down, the stock fell on very heavy volume, and negative upside/downside volume developed.
Positive development: significant quarterly earnings acceleration occurred. Negative development: significant quarterly sales deceleration occurred.
In light of these highly negative signals we are reviewing our current Overall Rating of D. We would continue to view the shares with caution pending completion of this review in the next several days.
Current PriceTarget Research Rating
With future capital returns forecasted to be above the cost of capital, COP is expected to continue to be a major Value Builder.
Conocophillips has a current Value Trend Rating of D (Negative). With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing consistent signals. Conocophillips has a neutral Appreciation Score of 53 and a slightly negative Power Rating of 31, producing the Negative Value Trend Rating.
Recent Price Action
On 5/29/24, Conocophillips (NYSE: COP) stock declined by -3.1%, closing at $115.25. Moreover, exceptionally high trading volume at 301% of normal accompanied the decline. The stock has performed in line with the market over the last nine months and has declined -4.7% during the last week.
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