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Concho Resources (CXO): Strong Industry, Solid Earnings Estimate Revisions

Zacks Equity Research

One stock that might be an intriguing choice for investors right now is Concho Resources Inc. CXO. This is because this security in the Oil and Gas-Exploration and Production-United States space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Oil and Gas-Exploration and Production-United States space as it currently has a Zacks Industry Rank of 59 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.

Meanwhile, Concho Resources is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.  

CONCHO RESOURCS Price and Consensus

CONCHO RESOURCS Price and Consensus | CONCHO RESOURCS Quote

In fact, over the past month, current quarter estimates have risen from a loss of seven cents per share to a loss of six cents per share, while current year estimates have risen from 44 cents per share to 46 cents per share. This has helped CXO to earn a Zacks Rank #2 (Buy), further underscoring the company’s solid position. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

So, if you are looking for a decent pick in a strong industry, consider Concho Resources. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.  

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