The stock of Concho Resources Inc. (NYSE:CXO) is now priced at $51.55 and the shares are 1.44 points up or 2.87% higher compared to its previous closing price of $50.11. The stock had 1.575 million contracts set over the past session. CXO shares’ daily volume is compared to its average trading volume at 2.51 million shares. However, it has a float of 195 million and although its performance was 0.92% over the week, it’s one to watch. Analysts have given the CXO stock a yearly average price target of $73.15 per share. It means the stock’s upside potential is 41.9% with the CXO share price recently placing at $50.2 to $51.59. However, some brokerage firms have priced the stock below the average, including one that has called $58.
The shorts are running away from the Concho Resources Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CXO shares have declined. Short interest in the stock represents just 3% of its float, but the volume has dropped by 0.
In the last trading session, Concho Resources Inc. (NYSE:CXO) raised by $0.47 over the week and lost -$0.2 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $93.34. The stock recorded its established 52-week high on 01/07/20.
Since 03/18/20, the stock has traded to a low of $33.13 at 55.6%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.9. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Concho Resources Inc.’s two-week RSI is 51.92. This suggests that the stock is neutral at the moment and that CXO shares’ price movement remains stable. The stochastic readings are equally revealing at 23.44% meaning the CXO share price is currently in overbought territory.
The technical chart shows that the CXO stock will likely settle at between $52.03 and $52.5 per share. However, if the stock dips below $50.64, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $49.72.
Currently, the stock is trading in the red of MACD, with a reading of -0.25. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Morgan Stanley raised their recommendation for CXO from Equal-Weight to Overweight in August 21 review while maintain their target price of $64. Credit Suisse analysts see the stock as a Outperform with a target price of $70 in a flash note released to investors on August 05 resuming covering the stock. SunTrust seeing the improvements upgraded the stock from Hold to Buy on July 28, placing it at $60 to $66.
The average rating for the CXO equity is 1.84 and is currently gathering a bullish momentum. Of 33 analysts tracking Concho Resources Inc. polled by Reuters, 3 rated CXO as a hold. The remaining 30 analysts were split evenly. However, the split wasn’t equal as a majority (30) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CXO stock price is 17.15X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Concho Resources Inc. (NYSE:CXO) will increase by about 90.45%, which will see them reach $903 million. The company’s full-year revenues are, however, expected to diminish by about -27.89%, down from $4590 million to $3310 million. CXO’s expected adjusted earnings should surge almost 77.05% to end up at $1.08 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 4.92% to record $3.2/share.