Why Concho Resources Stock Is Trading Higher Today

Concho Resources CXO shares are trading higher on Wednesday following a tweet from a Bloomberg reporter suggesting "ConocoPhillips in talks to acquire Concho."

Concho Resources is an independent oil and natural gas company with operations primarily in the Permian Basin of western Texas and southeastern New Mexico. At the end of 2019, it reported proved reserves of 1.0 billion barrels of oil equivalent. Net production averaged about 331 thousand boe per day in 2018, of which 63% was oil (with natural gas and natural gas liquids making up the remainder).

Concho Resources shares traded up 11.44% to $49.19 on Wednesday. The stock has a 52-week high of $93.34 and a 52-week low of $33.13.