Take the hit and sell. Waiting around for a .69 cts. dividend while the stock tumbles another 2 dollars is rather silly. I've held this stock for over a decade and made some money on it only because of the PSX spinoff.
If that is your plan then I'd advise you sell the May 72.50 covered calls and relax.
However, I have held P/COP for 40 years and made pile of $. If you are on the younger side of life and don't need the current income, set up a DRIP and plan for a comfy retirement
you serious, looking for a 3 to 4 dollar rise before you sell. Lol Cop, is a great stock to be in. You won't be holding long before you sell. It's your strategy but I would hold at least to get your divy pymt. for this quarter.LOL
good luck I got in at 50 years ago pre split of PSX and am looking to get out as oil prices are in a down trend for the foreseeable future and the Mideast is going to have serious problems because they will lose bargaining power. Oil will go the way that NG did.
beard, Oil will not go the way of NG. Yes there might be a down trend, maybe to 80 plus per barrel. but to say like NG is not going to happen. Most of the majors are hedged through 2015 so I'm staying with Cop for some time.