Will ConocoPhillips (COP) Stock Be Affected by Lower Oil Prices?
NEW YORK (TheStreet) -- ConoPhillips (COP) - Get Report shares closed Monday's trading session up 0.02% to $43.59 despite falling oil futures following Iran's Deputy Oil Minister Rokneddin Javadi's comments on production.
Javadi said the country's crude output, excluding gas condensates, would reach 2.2 million barrels a day by the middle of summer, up from the country's current production of 2 million barrels a day, Reuters reports. This added to concerns about global oversupply sending oil prices down today.
Crude oil (WTI) is decreasing 0.58% to $48.13 per barrel and Brent crude is falling 0.57% to $48.44 per barrel.
"Stagnating rig counts and comments from Iranian officials show that the way up for the oil prices may come to an end now," Frank Klumpp, oil analyst at Landesbank Baden-Wuerttemberg told Reuters.
Based in Houston, ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins, weak operating cash flow, disappointing return on equity and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: COP
