ConocoPhillips (NYSE: COP) shares rose in value Monday Nov 14 with heavier trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile as investors continued to try and decipher policy proposals of President-elect Donald Trump’s administration, the Dow Jones Industrial Average DJIA, +0.11% rose 21.03 points, or 0.1%, to finish at 18,868.69, its third straight record close. The blue-chip index had also touched a historic high of 18,934.05 during the session.
The S&P 500 index SPX, -0.01% fell 0.25 points to end at 2,164.20, and the Nasdaq Composite COMP, -0.36% dropped 18.72 points, or 0.4%, to close at 5,218.40.
Analysts at Vetr Inc. upgraded shares of ConocoPhillips (NYSE: COP) from Buy to Strong-Buy today. With a rating of Strong-Buy on the stock, the company has a 52-week high of $55.61. As a means of comparison, a number of other analysts have issued reports on the stock in recent days, and the company has earned a consensus one-year price target of $52.59, higher than the opening price of $43.58. Stock prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
Shares of ConocoPhillips (NYSE: COP) opened at $43.58 on Monday and traded in a range between, $43.42 and $44.26, and last traded at $44.13, which represents a jump of $0.19 or 0.43% from the previous closing price.
ConocoPhillips (NYSE: COP) now has a market cap of 54.68B.
ConocoPhillipsAverage Daily Trading Volume
10,020,089 shares crossed the trading desk yesterday, above the average, out of a total float 1,237,924,000. Large gains in trading volume and price growth together could signal excessive volume accumulation by institutional investors.
While higher trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good validation to see them buying a stock you’re considering.
ConocoPhillips Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for ConocoPhillips (NYSE: COP) have ranged from $31.05 – 55.61, and the stock now has a 50-day MA of $42.87 and 200-day MA of $42.84. Today’s last price is 20.64%% under the 52 week high of $55.61.
Earnings growth is an important factor to consider when investing in stocks and investors look for companies that have been successful at growing their earnings by at least 25% for a 3 year period.
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