ConocoPhillips (COP) Gains 1.73% on $670M Volume Ranked 126th in U.S. Equities Amid Energy Sector Uncertainty

On September 26, 2025, Conocophillips (COP) closed with a 1.73% gain, trading with a daily volume of $670 million, ranking 126th among U.S. equities. The stock's performance reflected a mixed energy sector landscape, as crude oil prices traded near critical technical levels while refining margins showed resilience amid seasonal demand patterns.

Recent developments highlighted by market participants included the company's operational update on its Permian Basin expansion, which underscored potential production growth in the fourth quarter. Analysts noted that the timing of capital expenditure disclosures aligned with broader industry trends of capital discipline, though specific guidance on 2026 production targets remained pending. Market sentiment also appeared influenced by the company's dividend reinvestment program adjustments, which signaled a strategic shift toward shareholder returns without compromising operational flexibility.

To run this back-test accurately I need to clarify a few practical details and confirm some assumptions: 1. Universe • Do you want to use all U.S. listed common stocks, or a specific universe (e.g. S&P 500 constituents, Russell 3000, NASDAQ stocks, etc.)? • If you have a ready-made list of tickers, please let me know; otherwise I can default to a well-known index universe. 2. Ranking & rebalancing rule • The phrase “top 500 stocks by daily trading volume” can refer to share volume or dollar volume. Which do you prefer? • Should the ranking be done each trading day after the close, with positions opened at the next day’s open and closed at that day’s close (i.e., a 1-day holding period), or do you have a different entry/exit convention in mind? 3. Weighting • Equal-weighted across the 500 names, or weighted by volume / market-cap / something else? 4. Transaction costs • Do you want to incorporate commissions, bid-ask spread, or neither (i.e., assume frictionless trading)? 5. Data availability & computation scope • Running a daily ranking on the entire U.S. equity universe involves thousands of tickers; this is doable but materially heavier than a single-ticker back-test. • If you’d like a quicker approximation, we could limit the universe (e.g., S&P 500 only or a supplied list of tickers). Once these points are settled I’ll build the data-retrieval plan and run the back-test.