Careful! I made this mistake when I sold off COP 3 month ago hoping for a lower reentry point. - It never happened.
I just bought in at $63.95. I don't think you will see the 62 range for a while.
Wait until Oct 30, that's when PSX release their Q3 data. Expect a drop since the numbers are expected to be off target. As other refiners announce their numbers this and next week, PSX will follow suit (drop), then go ahead and buy in on Nov 1st and stay long. That way you ensure buying in low AND making the ex dividend date.
At least that's my plan ...
I owned COP and sold it a few month ago thinking there would be another entry point at around $63 - I guess I was wrong. Then I got into PSX, just because the analyst's 1 year estimate (~$69) has a huge margin for growth.
To cut myself short, I would prefer to have both, PSC and COP. Short-term I see COP outpacing PSC. Long-term I see PSC catching up with COP. In another note, I do not see a dramatic pull-back for COP which would sweeten the entry point.
Things seem to change fast - this one is hot out of the press, 10/9/13:
"Here are 5 stocks added to the Zacks #5 Rank ("strong sell") List today:
Abaxis Inc. ( ABAX )
AeroCentury Corp. ( ACY )
BBVA Banco Frances S.A. (BFR )
Celadon Group, Inc. (CGI)
Companhia Energetica Minas Gerais (CIG)"
Obviously they changed their mind faster than other people their underwear ...
I do not know what the underlying fundamentals and reasons for this rating are. Maybe they know something we do not know yet.
Personally I don't care; I plan on staying long with this stock as long as they pay a regular dividend, and so far CIG has not disappointed.