Concho Resources (CXO) has risen sharply, recording gains of 1.47% in the past 4 weeks. However, the stock has corrected -0.11% in the past 1 week, providing a good buying opportunity on dips. Concho Resources (CXO) : During the past 4 weeks, traders have been relatively bearish on Concho Resources (CXO), hence the stock is down -4.95% when compared to the S&P 500 during the same period. However, in the past 1 week, the selling of the stock is down by -0.72% relative to the S&P 500.
Concho Resources (NYSE:CXO): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $121.65 and $121.46 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $123.10. The buying momentum continued till the end and the stock did not give up its gains. It closed at $122.84, notching a gain of 1.39% for the day. The total traded volume was 1,160,178 . The stock had closed at $121.16 on the previous day.
The stock has recorded a 20-day Moving Average of 2.05% and the 50-Day Moving Average is 1.98%. Concho Resources, Inc. is up 7.51% in the last 3-month period. Year-to-Date the stock performance stands at 32.29%.
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.