Concho Resources, Inc. CXO saw a big move in the last trading session, as the company’s shares fell by nearly 6% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent trend for CXO, as the stock is now down nearly 21% in the past one-month time frame.
This slump shouldn’t be too much of a surprise to investors, as the company, which acquires, develops, and explores for oil and natural gas properties in the U.S., has seen 5 negative revisions in the past few weeks and its current year earnings consensus has also moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
CXO currently holds a Zacks Rank #3 (Hold) while its Earnings ESP is positive.
Investors interested in the Oil — U.S. Exploration & Production industry may consider a better-ranked stock like Antero Resources Corporation AR, carrying a Zacks Rank #1 (Strong Buy).
Is CXO going up? Or down? Predict to see what others think: Up or Down
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