NEW YORK (TheStreet) -- ConocoPhillips (COP) shares are up 0.44% to $70.06 after experiencing a sharp dip earlier in trading on Friday as rising oil prices have helped the Houston, TX-based oil company gain today.
The price of a barrel of industry standard Brent crude is up 2.38% to $60.68 in trading on Friday while the price of WTI crude is also up, 3.73% to $56.13.
Oil has been slowly been recovering from the dramatic drop in prices this month. Oil has steadily fallen since OPEC announced last month that it would not cut production despite the large supply that was already on the market as a way to improve market share in light of the recent U.S. oil shale boom.
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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."