NEW YORK ( TheStreet) -- Concho Resources (NYSE: CXO) hit a new 52-week high Wednesday as it traded at $98.84 compared with its previous 52-Week high of $98.83. Concho is changing hands at $98.76 with 105,862 shares traded as of 9:35 a.m. ET. Average volume has been 1.1 million shares over the past 30 days. Concho has a market cap of $9.6 billion and is part of the basic materials sector and energy industry. Shares are up 10.7% year to date as of the close of trading on Tuesday. Concho Resources Inc. engages in the acquisition, development, and exploration of oil and natural gas properties. Its principal operating areas are located in the Permian Basin of Southeast New Mexico and West Texas. The company also holds properties in the Williston Basin in North Dakota. The company has a P/E ratio of 38.3, equal to the average energy industry P/E ratio and above the S&P 500 P/E ratio of 23.4. TheStreet Ratings rates Concho as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, solid stock price performance, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Concho Ratings Report.