NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are trading higher by 2.31% to $71.13 in afternoon trading on Tuesday as oil prices rally following economic data that showed the U.S. economy grew at its fastest pace in 11 years for the third quarter, CNBC reports.
In the third quarter, U.S. gross domestic product was revised to a 5% annual pace, the fastest in 11 years, and up from the 3.9% it reported last month, CNBC added. Analysts had expected a revision to 4.3% growth.
Brent crude, which fell to a five-year low of $58.50 last week, is up 2.74% to $61.76 per barrel as of 2:30 p.m ET., while West Texas Intermediate Crude is gaining 3.51% to $57.20 a barrel.
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Consumer spending due to health care expenses contributed to a higher-than-expected upward revision to third quarter GDP today, CNBC noted.
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 several positive factors, 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."