Thursday, October 28, 2010
Energy Earnings
With Chevron (CVX) trading at basically a 52-week high going into its earnings release (tomorrow 29-Oct), I would recommend to keep an eye on ConocoPhillips (COP). The share price for COP has fallen off a bit from its 52-week high, hit late last week. I have seen before where they announce earnings, pay their dividend, and the stock pulls back 5% - 10%. COP shares are down about 3% from their pre-earnings price, I will be looking to see if the pull back brings the stock down below $55 a share. I think that if this pullback (without a broader market move) drops the shares down to $55 it would be a good entry point into COP.
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Well, well, well, It was Chevron who missed earnings worse... Down about 2% from its 52-week high. I would still keep an eye on COP, as it continues to move slightly lower in todays early trading.
ReplyDeleteDecember 16th and Chevron hits another 52-week high. COP got down to $58 in late October, but never any lower. It has gone on to hit 52-weeks highs from November 5th, and now sits at $65.67.
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