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ConocoPhillips Message Board

  • edfiggy edfiggy Oct 24, 2012 11:36 PM Flag

    My Target is $54

    I think COP is going to see some downward pressure this week. Oil has dropped below $86 and support appears at @$82. In addition, production at COP is declining about 3 percent per year and the average price of oil dropped a $1 last quarter versus the previous quarter. More importantly, natural gas continues to under perform and volumes are expected to be light (Idle capacity). Add FX (foreign Exchange) and Isaac and I think the quarter will disappoint a little bit. If we get a correction to $54 I would start buying the stock. At $52 I think you can very constructive on the name. You need to be patient until we see oil bounce at $82.

    Sentiment: Sell

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