Big cap stocks are not generally favoured right now on Wall Street which makes ConocoPhillips (COP) a good contrarian candidate for long term investors to consider.
Of course, as the price of oil goes lower 90% of the market expects lower prices, as they always forecast the long term trend off what happens that day or week. But to us this price set back in crude looks like nothing more than a natural retracement in a multi-year bull market.
Just on the P/E of 6.4 this stock should be considered especially if the oil price boom continues over the next several years. Then we wouldn't be surprised if big oil stocks like this trade with a P/Es of 25+.
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