Why ConocoPhillips Stock Rocketed Nearly 30% in February
Shares of ConocoPhillips (NYSE: COP) surged 29.9% in February, according to data provided by S&P Global Market Intelligence. Fueling the oil stock were higher oil prices and its fourth-quarter results.
Crude prices continued rallying last month. West Texas Intermediate (WTI), the primary U.S. oil benchmark, rose almost 20% during the month, closing above $60 a barrel and nearly at a two-year high. Several factors drove up the price of oil, including OPEC's decision to continue holding back supply and improving demand as vaccines roll out to combat the coronavirus pandemic. Those higher oil prices are a boon for producers like ConocoPhillips, enabling them to generate more cash flow.
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