Why Concho Resources Popped 15% Today
Shares of oil and gas exploration and production company Concho Resources (NYSE: CXO) jumped by as much as 15% Wednesday morning after Bloomberg reported that it was in talks to be acquired by energy giant ConocoPhillips (NYSE: COP). The stock price remained up by 12.7% as of 11:15 a.m. EDT.
The COVID-19 pandemic has taken a significant toll on Concho’s valuation — as it has on many energy companies. Its market capitalization is currently under $10 billion, more than 40% below where it began 2020.