Does Concho's Rally Have More Gas? (CXO)

Shares of Concho Resources Inc. CXO are higher on the session by 1.59%, currently trading at $84.78. The stock has been moving largely higher over the past twelve months and is currently trading way above the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the January 2011 $90.00 call was purchased roughly 2,600 times, on the offer, on open interest of only 74 contracts. This signals new positioning on the name. Overall call volume is now running at over 5x the daily average; 4,000 calls have traded on CXO so far versus only 110 puts. Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The company's principal operating areas are located in the Permian Basin region of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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