Concho Resources (CXO), which operates oil wells in Texas and New Mexico, rose 1.09 to 108 in heavy trading even as oil prices declined, Investor’s Business Daily reported.
Concho is expected to report that fourth quarter profit shot up 56% versus a year ago, building on gains of 48%, 73% and 34% in the prior three quarters, reported IBD.
Concho’s sales growth has also been strong, ranging from 43% to 143% over the past three quarters, according to IBD.
IBD gives the stock an Accumulation Distribution Rating of B+, suggesting moderate demand for shares.
Cabot Top Ten Trader recommended CXO in early January at 96. Shares closed Thursday at 108.
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