5 Stocks Pushing The Basic Materials Sector Lower

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model

One out of the three major indices are trading lower today with the Dow Jones Industrial Average ( ^DJI) trading up 51 points (0.4%) at 13,835 as of Tuesday, Feb. 26, 2013, 11:49 AM ET. The NYSE advances/declines ratio sits at 1,532 issues advancing vs. 1,325 declining with 146 unchanged.

The Basic Materials sector currently sits down 0.3% versus the S&P 500, which is unchanged. On the negative front, top decliners within the sector include Chemtura Corporation ( CHMT), down 11.2%, ONEOK Partners L.P ( OKS), down 4.5%, CF Industries Holdings ( CF), down 3.0%, Talisman Energy ( TLM), down 2.7% and Suncor Energy ( SU), down 2.0%. Top gainers within the sector include Randgold Resources ( GOLD), up 2.9%, Gerdau ( GGB), up 2.6%, Chesapeake Energy ( CHK), up 2.5%, Goldcorp ( GG), up 2.2% and Anglogold Ashanti ( AU), up 1.9%.

TheStreet Ratings group would like to highlight 5 stocks pushing the sector lower today:

5. Concho Resources ( CXO) is one of the companies pushing the Basic Materials sector lower today. As of noon trading, Concho Resources is down $2.52 (-2.8%) to $87.69 on average volume Thus far, 584,171 shares of Concho Resources exchanged hands as compared to its average daily volume of 1.0 million shares. The stock has ranged in price between $87.68-$91.25 after having opened the day at $90.79 as compared to the previous trading day's close of $90.21.

Concho Resources Inc., an independent oil and natural gas company, engages in the acquisition, exploration, and development of oil and natural gas properties in the United States. Its principal operating areas are located in the Permian Basin region of southeast New Mexico and west Texas. Concho Resources has a market cap of $9.9 billion and is part of the energy industry. The company has a P/E ratio of 24.1, above the S&P 500 P/E ratio of 17.7. Shares are up 17.6% year to date as of the close of trading on Monday. Currently there are 19 analysts that rate Concho Resources a buy, no analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Concho Resources as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. Get the full Concho Resources Ratings Report now.

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