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Market Chatter: ConocoPhillips Takes Alberta Oils Sands Assets Off Block; Shares Hit 52-Week Tops
By: MT Newswires
Shares of ConocoPhillips ( COP ) are trading at fresh 52-week highs - a day before they go ex-dividend - as The Globe and Mail reported that the company is pulling back its plans to sell Canadian oil sands assets in Alberta after it exceeded its target for raising capital by divesting energy properties in other locations.
ConocoPhillips is the latest energy company to hold on to assets it planned to divest amid a disappointing environment for selling Canadian oil reserves, the report stated.
COP has a day range of $63.80 - $64.76, with a 52-week low of $50.62.