For yet another day, we have detected bullish options flow in COP stock.
We also detected bullish options flow in COP stock on December 31, 2019, before the New Year’s holiday.
We are going into the seasonally strong time of year for the Energy sector which may explain some of the bullish options flow but Piper Jaffray analyst Pearce Hammond also helped to push COP higher.
Pearce said that while the Energy sector currently does not provide a wide depth of names delivering attractive and/or sustainable yields, that should improve in the years ahead as companies continue to moderate spending, generate free cash flow and increasingly return cash to shareholders through dividends rather than share buybacks. His top Energy income ideas includes ConocoPhillips (COP).
On December 13, 2019, Atlantic Equities analyst Barry MacCarthy initiated coverage of ConocoPhillips with an Overweight rating and $75 price target.