The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Conoco Phillips shares valued at $76,426,824 were sold by Lance Ryan Michael on Mar 25 ’24. At $125.91 per share, Lance Ryan Michael sold 607,000 shares. The insider’s holdings dropped to 6,780 shares worth approximately $0.9 million following the completion of this transaction.
Also, Olds Nicholas G sold 12,150 shares, netting a total of over 1,536,280 in proceeds. Following the sale of shares at $126.44 each, the insider now holds 14,522 shares.
Before that, Bullock William L. Jr. had sold 45,200 shares from its account. In a trade valued at $5,574,276, the Executive Vice President & CFO traded Conoco Phillips shares for $123.32 each. Upon closing the transaction, the insider’s holdings decreased to 45,200 shares, worth approximately $5.86 million.
As published in their initiating research note from Barclays on April 10, 2024, Conoco Phillips [COP] has been an Overweight and the price target has been revised to $158. Analysts at Johnson Rice downgraded the stock from ‘”a Accumulate”‘ to ‘”a Hold”‘ outlook in a report released in mid December. As of November 14, 2023, Johnson Rice has initiated its “Accumulate” rating for COP. Earlier on July 07, 2023, Wolfe Research upgraded its rating. Their new recommendation was “an Outperform” for COP stock which previously was a “a Peer perform”.
Analyzing COP Stock Performance
During the last five days, there has been a surge of approximately 0.90%. Over the course of the year, Conoco Phillips shares have jumped approximately 14.64%. Shares of the company reached a 52-week high of $134.02 on 04/08/24 and a 52-week low of $105.77 on 01/18/24. A 50-day SMA is recorded $117.75, while a 200-day SMA reached $116.04. Nevertheless, trading volume fell to 4.4 million shares from 3.76 million shares the previous day.
Support And Resistance Levels for Conoco Phillips (COP)
According to the 24-hour chart, there is a support level at 131.83, which, if violated, would cause prices to drop to 130.83. In the upper region, resistance lies at 133.75. The next price resistance is at 134.67. RSI (Relative Strength Index) is 80.37 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.45, which suggests the price will increase in the coming days. Percent R is at 9.76%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Conoco Phillips subject to short interest?
Stocks of Conoco Phillips saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.56 million shares to 12.88 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 13.44 million shares. A decline of -4.35% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.15 of the overall float, the days-to-cover ratio (short ratio) decline to 2.15.
