Concho Resources (CXO) has risen sharply, recording gains of 1.99% in the past 4 weeks. However, the stock has corrected -1.02% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 2.13% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 0.48% and the 50-Day Moving Average is 4.91%.The 200 Day SMA reached 21.01%. Concho Resources, Inc. is up 9.11% in the last 3-month period. Year-to-Date the stock performance stands at 41.6%.
Concho Resources (NYSE:CXO): After opening at $132.22, the stock dipped to an intraday low of $130.39 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $132.61 and the buying power remained strong till the end. The stock closed at $131.49 for the day, a gain of 0.76% for the day session. The total traded volume was 1,054,535. The stocks close on the previous trading day was $130.5.
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.