Could Concho Resources Inc Rise Even More? The Stock Had Bullish Options Activity

 Could Concho Resources Inc Rise Even More? The Stock Had Bullish Options Activity

In today’s session Concho Resources Inc (CXO) registered an unusually high (345) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the November, 2016 call, expecting serious CXO increase. With 345 contracts traded and 3634 open interest for the Nov, 16 contract, it seems this is a quite bullish bet. The option with symbol: CXO161118C00135000 closed last at: $2.4 or 41.2% up. About 1.51 million shares traded hands or 6.34% up from the average. Concho Resources Inc (NYSE:CXO) has risen 29.99% since April 7, 2016 and is uptrending. It has outperformed by 25.21% the S&P500.

Concho Resources Inc (NYSE:CXO) Ratings Coverage

Out of 19 analysts covering Concho Resources Inc. (NYSE:CXO), 13 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 68% are positive. Concho Resources Inc. has been the topic of 50 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock has “Hold” rating given by Canaccord Genuity on Tuesday, April 5. The company was upgraded on Tuesday, June 7 by Seaport Global. The company was downgraded on Tuesday, October 6 by Suntrust Robinson. The firm has “Market Perform” rating given on Wednesday, December 9 by Cowen & Co. Deutsche Bank maintained the shares of CXO in a report on Tuesday, June 14 with “Buy” rating. The rating was maintained by Citigroup on Monday, May 16 with “Buy”. The stock of Concho Resources Inc (NYSE:CXO) earned “Overweight” rating by JP Morgan on Monday, August 15. As per Monday, August 31, the company rating was downgraded by Vetr. The firm earned “Buy” rating on Friday, August 26 by Citigroup. The company was downgraded on Tuesday, January 12 by Jefferies.

According to Zacks Investment Research, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays.”

Insitutional Activity: The institutional sentiment decreased to 1.05 in Q2 2016. Its down 0.61, from 1.66 in 2016Q1. The ratio fall, as 44 funds sold all Concho Resources Inc shares owned while 143 reduced positions. 53 funds bought stakes while 144 increased positions. They now own 126.97 million shares or 3.12% less from 131.06 million shares in 2016Q1.
Korea Investment holds 0.01% of its portfolio in Concho Resources Inc (NYSE:CXO) for 17,200 shares. Harvard Mngmt Com accumulated 0.1% or 4,213 shares. Hodges Cap Management Incorporated owns 2,100 shares or 0.01% of their US portfolio. Apg Asset Nv has 0.01% invested in the company for 40,123 shares. Harvey Mngmt holds 0.12% of its portfolio in Concho Resources Inc (NYSE:CXO) for 2,000 shares. Amalgamated National Bank & Trust accumulated 4,951 shares or 0.04% of the stock. Schwab Charles Invest Mngmt holds 0.05% of its portfolio in Concho Resources Inc (NYSE:CXO) for 350,750 shares. Adams Diversified Equity Fund accumulated 0.46% or 57,500 shares. Tcw Gru has 10,475 shares for 0.01% of their US portfolio. Nippon Life Glob Investors Americas holds 0.15% or 13,470 shares in its portfolio. Exane Derivatives has invested 0% of its portfolio in Concho Resources Inc (NYSE:CXO). Royal London Asset Management Ltd accumulated 46,108 shares or 0.09% of the stock. Bokf Na accumulated 4,869 shares or 0.02% of the stock. Signaturefd Llc accumulated 0% or 23 shares. The New York-based Glg Ltd has invested 0.07% in Concho Resources Inc (NYSE:CXO).

Insider Transactions: Since June 6, 2016, the stock had 0 buys, and 1 insider sale for $1.95 million net activity. On Monday, June 6 the insider BEAL STEVEN L sold $1.95M.

Concho Resources Inc. is an independent oil and natural gas firm engaged in the acquisition, development and exploration of oil and natural gas properties. The company has a market cap of $19.13 billion. The Company’s activities are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States. It currently has negative earnings. The Company’s three core operating areas include New Mexico Shelf, where it targets the Yeso formation with horizontal drilling; Delaware Basin, where it uses horizontal drilling and technology to target the Bone Spring formation and the Wolfcamp shale formation, and Midland Basin, where it targets the Wolfcamp and Spraberry formations with horizontal drilling.

CXO Company Profile

Concho Resources Inc., incorporated on February 22, 2006, is an independent oil and natural gas firm engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s activities are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States. The Company’s three core operating areas include New Mexico Shelf, where the Company primarily targets the Yeso formation with horizontal drilling; 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 Midland Basin, where it targets the Wolfcamp and Spraberry formations with horizontal drilling.

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