Concho Resources (CXO) : Traders are bullish on Concho Resources (CXO) as it has outperformed the S&P 500 by a wide margin of 6.25% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 3.36%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 3.8% in the last 1 week, and is up 8.89% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Concho Resources (NYSE:CXO): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $126.52 and $125.54 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $129.21. The buying momentum continued till the end and the stock did not give up its gains. It closed at $128.92, notching a gain of 2.40% for the day. The total traded volume was 1,259,548 . The stock had closed at $125.90 on the previous day.
The stock has recorded a 20-day Moving Average of 6.13% and the 50-Day Moving Average is 6.26%. Concho Resources, Inc. is up 12.44% in the last 3-month period. Year-to-Date the stock performance stands at 38.83%.
Concho Resources (CXO) stock is expected to deviate a maximum of $15.44 from the average target price of $137.3 for the short term period. 20 Street Experts have initiated coverage on the stock with the most promising target being $173 and the most muted being $105.
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.