Short Term Rating on Concho Resources (CXO)

Concho Resources (CXO) : Zacks Investment Research ranks Concho Resources (CXO) as 2, which is a Buy recommendation. 14 research analysts consider that the stocks fundamentals point to a bright future, hence they rate the stock as a Strong Buy. 4 other analysts are mildly bullish on the stock and favor a Buy. A total of 3 analysts believe that the stock has a limited upside, hence they advise a Hold. The average broker rating of 21 research analysts is 1.48, which indicates as a Strong Buy.

Concho Resources (CXO) : The highest level Concho Resources (CXO) is projected to reach is $173 for the short term and the lowest estimate is at $105. The consolidated price target from 19 rating analysts who initiate coverage on the stock is $135 and the possibility the share price can swing is $15.03.

For the current week, the company shares have a recommendation consensus of Buy.


Concho Resources (NYSE:CXO): During Tuesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $120.56 and $120.07 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $123.76. The buying momentum continued till the end and the stock did not give up its gains. It closed at $122.35, notching a gain of 3.44% for the day. The total traded volume was 1,250,239 . The stock had closed at $118.28 on the previous day.

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.

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