Concho’s stock performance
Following Concho Resources’ (CXO) 2Q17 earnings release after the markets closed on August 2, 2017, its stock rose 0.26% in pre-market trading on August 3, 2017.
Since the beginning of the year, CXO has fallen ~6.0%.
CXO mirroring crude oil
Concho Resources’ stock performance has been mirroring the movements of crude oil prices (DBO). Crude oil prices and natural gas prices have also driven the movements of the Energy Select Sector SPDR ETF (XLE).
Since January 2017, crude oil prices have fallen 5.4%. Natural gas prices have fallen 15.3% in the same period. XLE has fallen ~13.0% in that period.
Concho Resources stock along with XLE have underperformed the SPDR S&P 500 ETF (SPY), which rose ~10.0% during the period.
As we saw above, CXO rose in pre-market trading on August 3, 2017, following its after-market earnings release on August 2. That likely came on the back of its better-than-expected 2Q17 earnings. Read the previous parts of this series to know more about CXO’s 2Q17 performance.