ConocoPhillips (NYSE: COP) is a multinational energy corporation headquartered in Houston, Texas, and also holds the distinction of being the largest petroleum exploration and production company in the world. COP shares are off about one percent midway through Thursday’s session, with shares trading around $73.00. The stock has modestly outperformed the market thus far in 2013, having risen nearly 25% so far. Recent bullish order flows suggest COP shares have further room to run to the upside, with a trader buying the 10,000 COP Dec 75s for $0.86, representing an $860,000 bet to the upside. With COP shares just off their October 29 52-week high, we believe there to be an opportunity for a swing trade:
Trade: Buying shares of COP stock at $73.15 with a stop at $71.45
Target 1: 73.80
Target 2: $74.45
Target 3: $76.00