It's a bad day for energy investors , a bad day for oil stocks , and even a bad day for stocks offering alternatives to oil, as shares of everyone from ConocoPhillips (NYSE: COP) to Bloom Energy (NYSE: BE) to Plug Power (NASDAQ: PLUG) have plummeted. As of 12:55 p.m. EDT, Conoco stock is taking a 6.5% hit, while Plug and Bloom are down 6.4% and 5.8%, respectively.
Why are all of these stocks down? Well, ConocoPhillips has two strikes against it. First, analysts at Susquehanna Research just cut their price target on the oil major to $50 a share. It's only a $2 decrease, however, and in any case, Susquehanna says it still feels "positive" about the stock despite the reduction in price target, notes StreetInsider.com in a report today. Plus -- and this is kind of important -- Conoco stock only costs about $30 and change right now.
"Cutting" the price target to $50, therefore, isn't really such horrible news.
For further details see:
Why ConocoPhillips, Bloom Energy, and Plug Power Stocks Just Crashed