NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) closed up 0.25% to $63.43 on Tuesday due to rising oil prices and the threat of a tropical storm heading towards oil refineries along the Gulf Coast, according to The Wall Street Journal.
U.S. crude prices were gaining by 0.81% to $60 per barrel, while Brent crude prices were falling 0.33% to $63.74 per barrel.
"There's an expectation that we're going to see another draw down in crude oil inventories," Price Futures Group's senior market analyst Phil Flynn told the Journal. "There's a sense U.S. production is peaking and we're getting a psychological bounce from Tropical Storm Bill."
The new storm is expected to disrupt operations on the Gulf Coast as it hosts about 45% of U.S. refineries, the Journal reports.
ConocoPhillips explores, produces, transports, and markets crude oil, bitumen, and natural gas.
Separately, TheStreet Ratings team rates CONOCOPHILLIPS as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONOCOPHILLIPS (COP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."