Concho Resources (CXO) :The total money flow, which is calculated as the dollar value of composite uptick minus downtick trades was negative ($16.32 million) and the uptick to downtick ratio was 0.57. The transaction value on upticks was $21.59 million and on downticks, the transaction value was $37.91 million. The transaction value of block trades during downticks was $16.63 million. The money flow was negative ($16.63 million), indicating the traders were booking profit on the price strength. Concho Resources (CXO) rose $0.08 at $121.56, during intraday Wednesday , a rise of 0.07% over the previous days close.
Also, Brokerage firm Deutsche Bank maintains its rating on Concho Resources (NYSE:CXO). As per the latest information, the brokerage house raises the price target to $140 per share from a prior target of $132. The shares have been rated Buy. The rating by the firm was issued on June 14, 2016.
Concho Resources (NYSE:CXO): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $120.53 and $118.51 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $122.26. The buying momentum continued till the end and the stock did not give up its gains. It closed at $121.56, notching a gain of 0.07% for the day. The total traded volume was 901,938 . The stock had closed at $121.48 on the previous day.
The stock has recorded a 20-day Moving Average of 0.63% and the 50-Day Moving Average is 1.12%. In a related news, The Securities and Exchange Commission has divulged that Holderness Darin G, (SVP, CFO & Treasurer) of Concho Resources Inc, had unloaded 16,813 shares at an average price of $105.14 in a transaction dated on March 16, 2016. The total value of the transaction was worth $1,767,719.
Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Companys operating areas are located in the Permian Basin region of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States. The Companys three core operating areas include: New Mexico Shelf, where the Company primarily targets the Yeso formation with horizontal and vertical development; Delaware Basin, where it uses horizontal drilling and technology to target the Bone Spring formation (including the Avalon shale and the Bone Spring sands) and the Wolfcamp shale formation, and Texas Permian in the Midland Basin, where it targets the Wolfcamp and Spraberry formations with horizontal and vertical development.