ConocoPhillips (NYSE:COP) is looking to sell its Alliance refinery in Belle Chasse, Louisiana, according to Bloomberg, which cited two unnamed sources.
The plant may be sold for $700 million-$1 billion excluding inventory, Sam Margolin, a refining analyst for Global Hunter Securities LLC, said.
ConocoPhillips (NYSE:COP) has potential upside of 9.9% based on a current price of $70.81 and an average consensus analyst price target of $77.8.
ConocoPhillips is currently below its 200-day moving average (MA) of $72.03 and should find support at its 50-day MA of $68.05.
In the last five trading sessions, the 50-day MA has remained constant while the 200-day MA has remained constant.
ConocoPhillips is an international, integrated energy company which operates in several business segments. The Company explores for and produces petroleum, and refines, markets, supplies, and transports petroleum. ConocoPhillips also gathers and processes natural gas, and produces and distributes chemicals and plastics.
