Following Concho Resources’ (CXO) 3Q16 aftermarket earnings release on November 8, its stock fell $0.06, or 0.04%.
Year-over-year (or YoY), CXO has risen ~20%. In this part of the series, we’ll analyze Concho’s stock performance with respect to movements in the broader industry and the broader market.
As the graph above shows, Concho Resources’ performance has been driven mainly by WTI (West Texas Intermediate) crude oil prices (OIL) and natural gas prices (UNG). Oil and natural gas prices have also been driving the broader industry ETF, the Energy Select Sector SPDR ETF (XLE).
From October 25 to November 8, Concho Resources’ stock mostly underperformed XLE. However, toward the end of the period, it ended up giving higher returns than the ETF. Concho Resources’ stock rose ~0.7% during the two-week period, while XLE fell ~0.5%.
Concho Resources’ stock also outperformed the SPDR S&P 500 ETF (SPY), which fell 0.02% during the period. Concho Resources’ stock barely moved following its aftermarket earnings release on November 8. Its stock rose 2.2% on November 8, likely because of the market’s optimism for CXO’s 3Q16 results. Investors will be watching to see how things unfold for the company.