Performance of Concho Resources stock
Concho Resources (CXO) stock has been mostly on an uptrend recently. It’s riding high on its Permian acquisitions last year and the optimism surrounding the Permian Basin.
Year-over-year, CXO stock has risen ~63.5%. Crude oil prices have risen ~72.0% in the same period. The broader energy ETF, the Energy Select Sector SPDR ETF (XLE), has risen 30.0% in the same period.
CXO’s 50-day and 200-day moving averages are $139.38 and $129.15, respectively. As of February 6, 2017, CXO stock was trading ~1.6% and 9.6% above its 50-day and 200-day moving averages, respectively. Its 50-day moving average was trading 7.9% above its 200-day moving average.
Again, these figures are considered bullish signs by the markets. Several Permian E&P (exploration and production) companies performed well last year compared to XLE and SPY.
As you can see in the above graph, CXO stock was mostly mirroring crude oil prices in the two weeks that ended February 3, 2017. In that two-week period, CXO rose ~5.0% at the end of the period, while crude oil prices rose ~3.0%.
CXO stock outperformed both XLE and SPY. XLE returned -1.5%, while SPY returned ~1.2% at the end of the two-week period.
It will be interesting to see how CXO stock reacts after its 4Q16 earnings release, especially with expectations of increased 4Q16 production and revenue. Read Parts 1 and 2 of this series for more details.