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SUMMARY
On Monday, the U.S. markets saw their biggest sell-off since the 2008 crisis falling by over 7%.There were 2 distinct factors behind the sharp decline: a continued increase in the number of novel Coronavirus cases outside China, and a collapse in crude oil prices with Saudi Arabia boosting production. ConocoPhillips (NYSE:COP) one of the largest upstream oil companies, saw its stock decline by 25% on Monday, bringing its total decline since early February to 42%.Moreover, it's possible that the stock could continue to under perform the broader market post the crisis, going by its performance post the 2008 economic crisis.In this analysis, we compare the performance of ConocoPhillips stock to the S&P 500 over the current crisis and the economic crisis of 2007-08 to take a look at where it could be headed.
Coronavirus/Oil Price War Crisis
ConocoPhillips Performance During 2020 Coronavirus/Oil Price War Crisis
COP stock declined by 42% since the WHO declared a global emergency on Jan 31 and was down by about 25% on Monday, March 9th .In comparison, Exxon Mobil, which is an integrated oil and gas company saw its stock fall by about 32% since early February and by about 16% on Monday.
View our analysis for Exxon Mobile here 2007-08 vs. 2020 Crisis Comparison: How Did Exxon Mobil Stock Fare Compared with S&P 500?
COP Stock: Key Values During 2020 Crisis
% Change for Key Dates: 2020 Crisis
S&P 500 Index Performance During 2020 Coronavirus/Oil Price War Crisis
The S&P 500 has declined by 17.5% since the WHO declared a global emergency on Jan 31 and declined by about 7.5% on Monday, February 9th.
S&P 500 Index: Key Values During 2020 Crisis
% Change for Key Dates: 2020 Crisis
2007-08 Financial Crisis
Timeline of 2007-08 Crisis
10/1/2007: Approximate pre-crisis peak in S&P 500 index9/1/2008 - 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08)3/1/2009 - Approximate bottoming out of S&P 500 index1/1/2010 - Initial recovery to levels before accelerated decline (around 9/1/2008)
ConocoPhillips Stock Performance Over 2007-08 Financial Crisis
COP stock declined from levels of around $57 in October 2007 to levels of around $25 in March 2009 and rebounded to levels of about $36 in early 2010. COP stock declined by as much as 55% between the market's approximate pre-crisis peak in October 2017 and March 2009, when the markets bottomed out. This was slightly worse than the S&P which fell by as much as 51%. Between March 2009 and January 2010, COP stock rose by about 41%, compared to the S&P which was up by 48%.
COP Stock: Key Values During 2007-08 Crisis
% Change for Key Dates: 2007-08 Crisis
COP Stock: Cumulative % Change from 10/1/2007
S&P 500 Performance Over The 2007-08 Financial Crisis
The S&P declined from levels of around 1540 in October 2007 to levels of around 760 in March 2009 and recovered to levels of 1120 by January 2010. Through the crisis, the S&P declined by as much as 50% from its approximate pre-crisis peak.
S&P 500 Index: Key Values During 2007-08 Crisis
% Change for Key Dates: 2007-08 Crisis
S&P 500 Index: Cumulative % Change from 10/1/2007
Related Analyses
2007-08 vs. 2020 Crisis Comparison: How Did ConocoPhillips Stock Fare Compared with S&P 500?
ConocoPhillips (COP) Stock: What's the Chance for a 10% Rebound or Reversion?
ConocoPhillips (COP): How many days did COP stock increase or decrease by 1% or more in the last 3 months?
ConocoPhillips - COP
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