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 Monday 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 49th 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 research firms have recently issued reports on CXO. Zacks Investment Research lowered Concho Resources from a “buy” rating to a “hold” rating in a research report on Thursday, November 24th. Canaccord Genuity restated a “hold” rating and set a $135.00 target price on shares of Concho Resources in a research report on Monday, November 21st. KLR Group boosted their target price on Concho Resources from $157.00 to $172.00 and gave the stock an “accumulate” rating in a research report on Thursday, November 10th. Jefferies Group set a $123.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, November 8th. Finally, Bank of America Corp. set a $151.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, November 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has assigned 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 stock’s market cap is $17.95 billion. The company’s 50-day moving average price is $133.68 and its 200 day moving average price is $127.49.
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 CXO. Advisor Group Inc. purchased a new stake in shares of Concho Resources during the second quarter worth approximately $102,000. University of Texas Investment Managment Co. purchased a new stake in shares of Concho Resources during the second quarter worth approximately $110,000. Checchi Capital Advisers LLC boosted its stake in shares of Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock worth $132,000 after buying an additional 18 shares during the period. Synovus Financial Corp purchased a new stake in shares of Concho Resources during the third quarter worth approximately $139,000. Finally, Cypress Capital Management LLC WY bought a new position in Concho Resources during the third quarter worth $158,000. 96.32% 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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