Why ConocoPhillips Stock Got Socked on Tuesday
An analyst's recommendation downgrade was the event that pushed ConocoPhillips (NYSE: COP) stock down marginally on the second trading day of the week. The incumbent energy company saw its share price dip by slightly over 1% on the day; by contrast, the S&P 500 index landed in positive territory with a 0.6% increase.Moving closer to bear territory in terms of sentiment, Bank of America Securities's Kalei Akamine changed his ConocoPhillips recommendation to neutral from his previous buy. As is typical in such situations, Akamine also cut his price target on the energy stock -- it's now $107 per share, whereas previously it stood at $138. The new take was part of a broader update on oil and gas stocks. According to reports, Akamine wrote that, at the moment, an appropriate investment strategy for the sector is to favor more defensive plays. Against a backdrop of a softening macroeconomy and a lack of cohesion among members of the Organization of Petroleum Exporting Countries (OPEC), such companies are attractive now.Continue reading
An analyst's recommendation downgrade was the event that pushed ConocoPhillips (NYSE: COP) stock down marginally on the second trading day of the week. The incumbent energy company saw its share price dip by slightly over 1% on the day; by contrast, the S&P 500 index landed in positive territory with a 0.6% increase.
Moving closer to bear territory in terms of sentiment, Bank of America Securities's Kalei Akamine changed his ConocoPhillips recommendation to neutral from his previous buy. As is typical in such situations, Akamine also cut his price target on the energy stock -- it's now $107 per share, whereas previously it stood at $138.
The new take was part of a broader update on oil and gas stocks. According to reports, Akamine wrote that, at the moment, an appropriate investment strategy for the sector is to favor more defensive plays. Against a backdrop of a softening macroeconomy and a lack of cohesion among members of the Organization of Petroleum Exporting Countries (OPEC), such companies are attractive now.
