I do not know if this run is for real. The stock remains firmly below it's moving averages and can in no way be considered 'out of the woods' yet. When stocks are below both the 50 and 200 DMA - the bears are fully and completely in control.
That said - the recent low made could indeed be a bottom. As for the second question - did you miss the sale?
COP still sports a 6% dividend yield - this stock is not expensive by any stretch and if crude oil can catch a bid into the 50's or even 60's in terms of price per barrel - you'll be quite happy if you were a buyer at these levels.
Short term rating = BUY
Long term rating = BUY