Concho Resources Inc. (CXO) Bonds Trading 0.8% Higher Insider Trade
An issue of Concho Resources Inc. (NYSE:CXO) bonds rose 0.8% as a percentage of their face value during trading on Monday following insider selling activity. The high-yield issue of debt has a 5.5% coupon and will mature on October 1, 2022. The bonds in the issue are now trading at $103.25 and were trading at $102.00 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price. Specifically, CAO Brenda R. Schroer sold 1,800 shares of the business’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $138.04, for a total value of $248,472.00. Following the transaction, the chief accounting officer now owns 8,060 shares of the company’s stock, valued at $1,112,602.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by company insiders.
A number of research firms have recently weighed in on CXO. 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 began coverage on Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating for the company. Finally, Jefferies Group set a $123.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, October 18th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $139.85.
The firm’s market capitalization is $18.26 billion. The stock has a 50 day moving average of $133.68 and a 200 day moving average of $127.49.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.14. The firm had revenue of $430.55 million for the quarter, compared to the consensus estimate of $69.10 million. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The company’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. Analysts predict that Concho Resources Inc. will post $0.43 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its stake in Concho Resources by 3.8% in the second quarter. Nisa Investment Advisors LLC now owns 24,700 shares of the company’s stock valued at $2,946,000 after buying an additional 900 shares during the period. Eqis Capital Management Inc. purchased a new stake in Concho Resources during the second quarter valued at $235,000. Gradient Investments LLC increased its stake in Concho Resources by 75.2% in the second quarter. Gradient Investments LLC now owns 3,739 shares of the company’s stock valued at $446,000 after buying an additional 1,605 shares during the period. NN Investment Partners Holdings N.V. increased its stake in Concho Resources by 148.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 13,552 shares of the company’s stock valued at $1,616,000 after buying an additional 8,095 shares during the period. Finally, Creative Planning increased its stake in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock valued at $162,000 after buying an additional 259 shares during the period. 96.32% of the stock is currently 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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