NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are surging, higher by 3.89% to $64.09 in afternoon trading on Tuesday, as the oil company, along with Exxon Mobil (XOM) and Suncor Energy (SU) , offered a combined $559 million for exploration rights in the deep water Flemish Pass.
The bid is the largest-ever for a license in Canada's Newfoundland and Labrador province, where Statoil (STO) announced the huge Bay du Nord find last year.
Bay du Nord is estimated to contain up to 600 million barrels of light, sweet crude.
Houston-based ConocoPhillips is an independent exploration and production company, working on proved reserves and production of liquids and natural gas. The company manages its operations through six 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 multiple 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."