What the Options Market Tells Us About ConocoPhillips
Portfolio Pulse from Benzinga Insights
Recent options market activity indicates a bullish sentiment towards ConocoPhillips (NYSE:COP), with 75% of trades being bullish. Notable trades include calls with strike prices ranging from $105 to $135, highlighting a targeted price range for COP. The company, a major independent oil and gas producer, has seen its stock slightly down by -0.02%, with a current price of $121.88. Analysts, including one from Piper Sandler, maintain an Overweight rating with a target price of $133.
March 21, 2024 | 5:31 pm
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POSITIVE IMPACT
ConocoPhillips shows bullish options activity, with a significant portion of trades expecting a price increase. Analysts maintain a positive outlook with a target price of $133.
The bullish sentiment in the options market, combined with the positive analyst rating and target price, suggests a potential short-term price increase for ConocoPhillips. The company's significant production capabilities and reserves further support its market standing, despite a slight decrease in stock price and indications of being overbought.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100