An issue of Concho Resources Inc. (NYSE:CXO) bonds rose 0.8% as a percentage of their face value during trading on Friday after an insider sold shares in the company. The high-yield issue of debt has a 5.5% coupon and is set to mature on October 1, 2022. The debt is now trading at $103.25 and was trading at $102.00 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price. Specifically, CAO Brenda R. Schroer sold 1,800 shares of Concho Resources stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total transaction of $248,472.00. Following the sale, the chief accounting officer now directly owns 8,060 shares in the company, valued at approximately $1,112,602.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.

CXO has been the topic of several recent research reports. Morgan Stanley set a $173.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research report on Wednesday, August 3rd. KLR Group lifted their target price on shares of Concho Resources from $138.00 to $153.00 and gave the company an “accumulate” rating in a research report on Wednesday, August 3rd. BMO Capital Markets reiterated a “buy” rating and set a $130.00 target price on shares of Concho Resources in a research report on Wednesday, August 3rd. SunTrust Banks Inc. lifted their target price on shares of Concho Resources from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $140.00 price target on shares of Concho Resources in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $139.85.

The company’s market capitalization is $18.93 billion. The firm’s 50-day moving average is $133.97 and its 200-day moving average is $127.25.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, November 8th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.19 by $0.14. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The business had revenue of $430.55 million for the quarter, compared to the consensus estimate of $69.10 million. During the same period last year, the company earned $0.33 EPS. The firm’s revenue was down 7.1% compared to the same quarter last year. On average, equities analysts expect that Concho Resources Inc. will post $0.43 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of CXO. Artemis Investment Management LLP increased its stake in Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock valued at $10,832,000 after buying an additional 21,528 shares in the last quarter. Standard Life Investments LTD increased its stake in Concho Resources by 30.3% in the second quarter. Standard Life Investments LTD now owns 684,574 shares of the company’s stock valued at $81,646,000 after buying an additional 159,042 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Concho Resources by 7.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,106,833 shares of the company’s stock valued at $132,012,000 after buying an additional 79,559 shares in the last quarter. British Airways Pensions Investment Management Ltd increased its stake in Concho Resources by 16.4% in the second quarter. British Airways Pensions Investment Management Ltd now owns 312,380 shares of the company’s stock valued at $37,405,000 after buying an additional 44,000 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its stake in Concho Resources by 4.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 4,038 shares of the company’s stock valued at $482,000 after buying an additional 179 shares in the last quarter. Institutional investors and hedge funds own 92.22% of the company’s stock.

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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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