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Barchart
Barchart
Mark R. Hake, CFA

Is ConocoPhillips Stock Worth Buying Here? - Shorting COP Puts and Credit Spreads are Better Plays

COP Conoco ConocoPhillips Barchart Oil

Oil futures have been rising, but recently hit a peak. ConocoPhillips (COP) reported strong Q2 earnings on Aug. 6, and COP stock may be fairly valued. However, shorting COP puts and vertical put credit spreads are attractive alternatives for value investors.

COP closed at $137.35 on Friday, Sept. 11, a recent three-, six-, and 12-month peak. That followed WTI Oct. futures contract (CLV26) spiking above $104 late Thursday, Sept. 10.

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