ConocoPhillips (NYSE: COP)
ConocoPhillips is having an overwhelmingly strong start to the day in the pre-market hours this morning, and for good reason. The company announced a massive asset sale, leading to an investor frenzy and prompting our friends at Trade Ideas to alert us of the movement. At the moment (8:57), COP is trading at $49.54 per share after a gain of $3.59 per share or 7.81% thus far today.
COP Announces Sale Of Assets
As mentioned above, ConocoPhillips is having an overwhelmingly strong start to the day in the pre-market this morning after announcing that it has made a large asset sale. According to various reports, COP has made the decision to sell its oil and gas assets to Cenovus. Cenovus has agreed to pay $13.3 billion in the acquisition of the asset.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on COP. In particular, we’re interested in learning more about the company’s plans for growth, especially considering the massive amount of capital it has raised through the asset sales. Nonetheless, we’ll continue to follow the story closely and bring it to you as it breaks!
What Do You Think?
Where do you think COP is headed moving forward? Join the discussion in the comments below or on StockTwits!
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