Concho Resources Inc. (CXO)

[Timothy Smith]

CXO, which works prolific oil fields in the Permian Basin that are among the cheapest in the U.S. to drill, has been among the more resilient oil stocks; buyers of a CXO offering in February paid $108.50/share and were down 9.4% through Wednesday’s close, much better than the typical E&P stock.

Tudor Pickering analysts call CXO’s deal “a buying opportunity for our favorite Permian name" and say the offering is a prudent move to buy drilling acreage at favorable pricing.