Stock Worth Watching: What’s Propelling Concho Resources Inc to Reach 52-Week High?

Stock Worth Watching: What's Propelling Concho Resources Inc to Reach 52 Week High?

The stock of Concho Resources Inc (NYSE:CXO) hit a new 52-week high and has $155.67 target or 8.00% above today’s $144.14 share price. The 6 months bullish chart indicates low risk for the $23.65B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $155.67 price target is reached, the company will be worth $1.89B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.46 million shares traded hands. Concho Resources Inc (NYSE:CXO) has risen 20.15% since April 28, 2016 and is uptrending. It has outperformed by 14.23% the S&P500.

Analysts await Concho Resources Inc (NYSE:CXO) to report earnings on February, 22. They expect $-0.06 earnings per share, up 14.29% or $0.01 from last year’s $-0.07 per share. After $0.32 actual earnings per share reported by Concho Resources Inc for the previous quarter, Wall Street now forecasts -118.75% negative EPS growth.

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 of Concho Resources Inc (NYSE:CXO) has “Buy” rating given on Thursday, August 11 by Citigroup. The firm earned “Buy” rating on Monday, September 12 by Stifel Nicolaus. The rating was maintained by Deutsche Bank with “Buy” on Wednesday, August 10. The firm earned “Buy” rating on Thursday, September 3 by SunTrust. The firm has “Buy” rating given on Tuesday, June 14 by Deutsche Bank. Citigroup maintained the stock with “Buy” rating in Thursday, April 7 report. The stock of Concho Resources Inc (NYSE:CXO) has “Neutral” rating given on Friday, September 11 by Goldman Sachs. The company was downgraded on Tuesday, October 6 by SunTrust. The stock has “Buy” rating given by SunTrust on Thursday, August 4. The rating was maintained by Citigroup with “Buy” on Monday, September 14.

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 increased to 1.46 in 2016 Q2. Its up 0.41, from 1.05 in 2016Q1. The ratio is positive, 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.
First Republic Invest Management Incorporated holds 0.09% of its portfolio in Concho Resources Inc (NYSE:CXO) for 78,989 shares. Rafferty Asset Mgmt Ltd has 0.03% invested in the company for 3,099 shares. Hodges Capital Mgmt reported 2,100 shares or 0.01% of all its holdings. Wells Fargo & Mn, a California-based fund reported 2.58 million shares. Tiaa Cref Inv Management Ltd Liability accumulated 2.95M shares or 0.27% of the stock. Suntrust Banks, a Georgia-based fund reported 4,504 shares. Engineers Gate Manager Limited Partnership has 0.15% invested in the company for 17,386 shares. Td Asset Inc holds 0.02% of its portfolio in Concho Resources Inc (NYSE:CXO) for 73,134 shares. California Pub Employees Retirement Sys last reported 0.06% of its portfolio in the stock. The New York-based Oppenheimer And Co has invested 0.01% in Concho Resources Inc (NYSE:CXO). Northern Tru, a Illinois-based fund reported 1.66M shares. Alliancebernstein Ltd Partnership holds 0.06% of its portfolio in Concho Resources Inc (NYSE:CXO) for 627,230 shares. Highland Capital Limited Partnership last reported 0.32% of its portfolio in the stock. Paloma Management last reported 0.02% of its portfolio in the stock. Rr Ltd has 0.74% invested in the company for 42,000 shares.

Insider Transactions: Since June 6, 2016, the stock had 0 buys, and 2 insider sales for $2.19 million net activity. $1.95 million worth of shares were sold by BEAL STEVEN L on Monday, June 6. The insider Schroer Brenda R sold $248,478.

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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