Despite backing off about 7 percent on the last day of the month, shares of Concho Resources (NYSE: CXO) finished November up nearly 40 percent from where they started. The rally followed a solid Q3 earnings report in late October, which was released about a week after the announcement that ConocoPhillips (NYSE: COP) would acquire the company at the ratio of 1.46 COP per share of CXO.
Concho’s hardly the only Model Portfolio and High Yield Energy List member to have a great month. NuStar Energy LP’s (NYSE: NS) resilient Q3 results and affirmation of dividend strength triggered a gain of better than 34 percent.
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Elliott and Roger on Mar. 25, 2021
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