Concho Resources Inc. CXO was a big mover last session, as the company saw its shares nearly 9% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $103.55 to $112.11 in the past one-month time frame.
The Permian Basin-focused oil stock gained following the news of Chevron's $50 billion deal to acquire Anadarko Petroleum. The deal worked as a stimulus for the companies operating in the basin.
The company has seen five negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So, make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Concho Resources currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.
Concho Resources Inc. Price
Concho Resources Inc. Price | Concho Resources Inc. Quote
Investors interested in the Oil and Gas - Exploration and Production - United States industry may consider Cabot Oil & Gas Corporation COG, which has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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