Concho Resources (CXO) Shares are Up 9.85%

Concho Resources (CXO) : Traders are bullish on Concho Resources (CXO) as it has outperformed the S&P 500 by a wide margin of 5.02% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 9.67%, 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 9.85% in the last 1 week, and is up 4.46% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

The stock has recorded a 20-day Moving Average of 7.17% and the 50-Day Moving Average is 7.08%.The 200 Day SMA reached 24.07%


Concho Resources (NYSE:CXO): After opening at $134.4, the stock dipped to an intraday low of $133.57 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $137.83 and the buying power remained strong till the end. The stock closed at $137.35 for the day, a gain of 2.76% for the day session. The total traded volume was 1,769,749. The stocks close on the previous trading day was $137.35.

Concho Resources (CXO) : Currently there are 20 street experts covering Concho Resources (CXO) stock. The most bullish and bearish price target for the stock is $187 and $114 respectively for the short term. The average price target of all the analysts comes to $147.95. The estimated standard deviation from the target is $17.06.

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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