ConocoPhillips (NYSE:COP) opened at $67.46. So far today the stock has hit a low of $65.87 and a high of $67.63. As of 1:20 this afternoon, COP is trading at $66.60, up 0.01 (0.0%).

After hitting a one-year high of $74.89 in December, the stock has backed off over the past couple of months, bouncing off support in the low $60s. ConocoPhillips CEO Jim Mulva said today at the company's analyst meeting that he expects to see long-term production growth of 3% or more. Warren Buffett picked up nearly 18 million shares of COP last year, indicating his own confidence in the company's growth potential. This was the largest stock acquisition of 2006 for Mr. Buffett, and COP makes up about 2.5% of his total holdings. The technical indicators for COP have been bearish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider an April bull-put credit spread below the $60 range. COP hasn't been below 60 since October and has shown support around $64. This trade could be risky if oil futures fall throughout the spring, but worries about Iran combined with support for crude prices around $50 could protect this position.

Brent Archer is an options analyst and writer at Investors Observer (Free Subscription). DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about.