It's a bad o2 sensor... The computer usually just reports if the sensor is high or low, i have seen them fail both ways so its not uncommon for either condition.
Last one i replaced it was shorted and the code, on a Pontiac Montana, was saying shorted voltage low, i took the sensor and unplugged it and checked with an ohm meter and sure enough it was a dead short. But years ago i had one fail on the Neon i used to have and it wasn't shorted, but the computer was saying it was reading high by the error code.
Either way... o2 sensor codes usually mean replace. If it was the rear sensor after the CAT then there would be a bit more to consider as it could be a bad CAT actually causing an out of range reading, but usually the computer reports that differently as it compares the before and after readings using the two sensors and then reports a problem with the CAT itself.
I think its safe to say you need to try replacing the sensor and clear all codes.