NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are up 1.98% to $70.58 in afternoon trading Wednesday, as oil prices climbed after a government report showed that U.S. crude inventories dropped as refineries bolstered operating rates, Bloomberg reports.
Energy stocks like ConocoPhillips are rising today ahead of Friday's jobs report on nonfarm payrolls and a policy decision from the European Central Bank tomorrow, Bloomberg added.
The U.S. Labor Department is set to release its monthly employment situation report, as economists forecast nonfarm payroll to gain 235,000 in November after advancing 214,000 in October.
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Also, the ECB releases its monetary policy decisions Thursday when they meet in Frankfurt, Germany. Investors are awaiting a decision that may lead to full-scale quantitative easing.
Houston, TX-based ConocoPhillips is an independent exploration and production company, focused on proved reserves and production of liquids and natural gas operating through six of its segments.
Separately, TheStreet Ratings team rates CONOCOPHILLIPS as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONOCOPHILLIPS (COP) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, reasonable valuation levels, expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."