ConocoPhillips (COP) NewsBite - Higher Oil Boosts COP

Posted: Tuesday, October 27, 2009 1:55 PM EDT

ConocoPhillips (NYSE: COP) opened at $51.25. So far today, the stock has hit a low of $51.05 and a high of $51.97. COP is now trading at $51.45, up $0.71 (1.4%). Over the last 52 weeks the stock has ranged from a low of $34.12 to a high of $57.44. COP shares are being lifted by higher oil futures and a better-than-expected earnings report from competitor BP (BP). Technical indicators for the stock are bullish and S&P gives COP a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on COP the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]

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