Traders Buy Concho Resources Inc. (CXO) on Weakness After Insider Selling
Investors purchased shares of Concho Resources Inc. (NYSE:CXO) on weakness during trading hours on Friday following insider selling activity. $27.05 million flowed into the stock on the tick-up and $19.59 million flowed out of the stock on the tick-down, for a money net flow of $7.46 million into the stock. Of all companies tracked, Concho Resources had the 28th highest net in-flow for the day. Concho Resources traded down ($4.13) for the day and closed at $134.26Specifically, CAO Brenda R. Schroer sold 1,800 shares of Concho Resources stock in a transaction dated Wednesday, November 23rd. The stock was sold at an average price of $138.04, for a total value of $248,472.00. Following the completion of the sale, the chief accounting officer now directly owns 8,060 shares in the company, valued at $1,112,602.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.
Several equities analysts have recently issued reports on CXO shares. Morgan Stanley set a $173.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Deutsche Bank AG boosted their target price on Concho Resources from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $154.00 target price for the company in a research report on Tuesday, October 4th. Johnson Rice started coverage on Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating for the company. Finally, Citigroup Inc. boosted their target price on Concho Resources from $150.00 to $162.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Concho Resources currently has an average rating of “Buy” and a consensus target price of $139.85.
The stock’s market cap is $18.93 billion. The company’s 50-day moving average price is $133.97 and its 200 day moving average price is $127.25.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.14. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The firm earned $430.55 million during the quarter, compared to analysts’ expectations of $69.10 million. During the same quarter last year, the firm posted $0.33 earnings per share. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, equities research analysts predict that Concho Resources Inc. will post $0.43 earnings per share for the current year.
A number of large investors have recently made changes to their positions in the stock. HighPoint Advisor Group LLC bought a new position in Concho Resources during the third quarter worth $673,000. Credit Suisse AG raised its position in Concho Resources by 77.6% in the third quarter. Credit Suisse AG now owns 644,579 shares of the company’s stock worth $88,534,000 after buying an additional 281,617 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in Concho Resources by 31.9% in the third quarter. Ameritas Investment Partners Inc. now owns 3,398 shares of the company’s stock worth $467,000 after buying an additional 821 shares in the last quarter. Chartwell Investment Partners LLC raised its position in Concho Resources by 5.5% in the third quarter. Chartwell Investment Partners LLC now owns 100,730 shares of the company’s stock worth $13,835,000 after buying an additional 5,255 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. raised its position in Concho Resources by 62.0% in the third quarter. Candriam Luxembourg S.C.A. now owns 6,541 shares of the company’s stock worth $898,000 after buying an additional 2,503 shares in the last quarter. 92.22% of the stock is owned by hedge funds and other institutional investors.
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Concho Resources Company Profile
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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