Why ConocoPhillips Rallied on Monday
Shares of U.S. oil and gas major (NYSE: COP) rallied as much as 6.5% on Monday, before settling into a 3.2% gain as of 12:42 p.m. EDT.
Conoco, along with other U.S.-based oil and gas producers, oil services companies, and refiners, rallied today in response to the U.S. ousting Venezuelan President Nicolás Maduro last Friday night.
This past weekend's events could open up Venezuela's vast oil and gas reserves to U.S. companies. Moreover, ConocoPhillips, in particular, is owed billions by Venezuela, which seized the company's assets back in 2007.
Source Fool.com
ConocoPhillips Stock
€102.38
1.250%
The stock is one of the favorites of our community with 75 Buy predictions and 1 Sell predictions.
On the other hand, the target price of 101 € is below the current price of 102.38 € for ConocoPhillips, so the potential is actually -1.35%.
