Concho Resources Inc. (CXO) Bonds Trading 0.9% Lower
An issue of Concho Resources Inc. (NYSE:CXO) debt fell 0.9% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 5.5% coupon and is set to mature on April 1, 2023. The debt is now trading at $103.69 and was trading at $103.38 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
CXO has been the topic of several recent research reports. Citigroup Inc. raised their price target on Concho Resources from $150.00 to $162.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Simmons reaffirmed a “buy” rating on shares of Concho Resources in a research note on Monday, August 22nd. Credit Suisse Group AG lifted their target price on Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a research note on Wednesday, August 24th. TheStreet raised Concho Resources from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $140.00 target price on shares of Concho Resources in a research note on Thursday, August 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $135.52.
Concho Resources Inc. (NYSE:CXO) opened at 133.66 on Friday. The firm has a 50-day moving average price of $130.24 and a 200-day moving average price of $119.59. Concho Resources Inc. has a 52 week low of $69.94 and a 52 week high of $137.40. The stock’s market cap is $17.46 billion.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.27. The company had revenue of $396.30 million for the quarter, compared to the consensus estimate of $482.50 million. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The firm’s quarterly revenue was down 26.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. On average, equities research analysts predict that Concho Resources Inc. will post $0.21 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors increased its position in Concho Resources by 10.8% in the second quarter. Capital Research Global Investors now owns 14,270,430 shares of the company’s stock worth $1,702,034,000 after buying an additional 1,388,475 shares during the period. Vanguard Group Inc. increased its position in Concho Resources by 3.1% in the second quarter. Vanguard Group Inc. now owns 12,096,923 shares of the company’s stock worth $1,442,800,000 after buying an additional 369,153 shares during the period. Jennison Associates LLC increased its position in Concho Resources by 0.5% in the second quarter. Jennison Associates LLC now owns 7,632,992 shares of the company’s stock worth $910,387,000 after buying an additional 39,645 shares during the period. State Street Corp increased its position in Concho Resources by 1.3% in the second quarter. State Street Corp now owns 6,202,843 shares of the company’s stock worth $739,815,000 after buying an additional 78,053 shares during the period. Finally, Dodge & Cox increased its position in Concho Resources by 15.7% in the first quarter. Dodge & Cox now owns 5,668,500 shares of the company’s stock worth $572,745,000 after buying an additional 767,650 shares during the period. 91.12% of the stock is currently owned by institutional investors.
About Concho Resources
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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