Valeant, BP, Euroseas, and More: Here’s Why These Stocks Are Trending Today

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ConocoPhillips (NYSE:COP) and BP plc (ADR) (NYSE:BP) are in the spotlight after Asit Sen of CLSA downgraded both stocks. Specifically, Sen lowered his rating for ConocoPhillips to ‘Underperform’ from ‘Outperform’ due to the E&P’s lack of exposure to the competitive Midland and Delaware regions in Texas. Sen also thinks that management should be paying down debt rather than potentially spending up to $3 billion to buy back stock. The analyst has a $47 price target on ConocoPhillips. As for BP, Sen trimmed his price target to $37 from the previous $40 per share, saying that he would prefer to see more visibility on BP’s lower 48 strategy.

Despite the downgrade, both stocks are well in the green today due to the rallying Brent/WTI futures. 40 and 43 funds tracked by Insider Monkey were long BP plc (ADR) (NYSE:BP) and ConocoPhillips (NYSE:COP) at the end of the second quarter.

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