Concho Resources Inc (CXO) Director Sells $517,500.00 in Stock
Concho Resources Inc (NYSE:CXO) Director Steven D. Gray sold 4,500 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $115.00, for a total value of $517,500.00. Following the sale, the director now directly owns 186,039 shares in the company, valued at approximately $21,394,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of NYSE CXO traded up $0.45 during midday trading on Tuesday, hitting $115.89. The stock had a trading volume of 1,350,544 shares, compared to its average volume of 1,988,015. The firm has a market capitalization of $23.18 billion, a P/E ratio of 25.25, a P/E/G ratio of 0.89 and a beta of 1.11. Concho Resources Inc has a 1-year low of $93.31 and a 1-year high of $163.11. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.01.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.16). The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.16 billion. Concho Resources had a net margin of 55.07% and a return on equity of 5.69%. The business’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 earnings per share. On average, equities research analysts expect that Concho Resources Inc will post 4.45 EPS for the current fiscal year.
A number of research firms recently commented on CXO. Barclays raised Concho Resources from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $171.00 to $162.00 in a research note on Wednesday, January 16th. They noted that the move was a valuation call. Morgan Stanley raised Concho Resources from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $163.00 to $151.00 in a research note on Wednesday, January 9th. ValuEngine lowered Concho Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Ifs Securities reaffirmed a “strong-buy” rating on shares of Concho Resources in a research note on Sunday, February 3rd. Finally, Mizuho began coverage on Concho Resources in a research note on Tuesday, January 29th. They set a “buy” rating and a $156.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $164.52.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cigna Investments Inc. New lifted its stake in shares of Concho Resources by 1.5% in the 4th quarter. Cigna Investments Inc. New now owns 5,869 shares of the oil and natural gas company’s stock valued at $602,000 after purchasing an additional 89 shares in the last quarter. Utah Retirement Systems lifted its stake in shares of Concho Resources by 0.3% in the 4th quarter. Utah Retirement Systems now owns 36,297 shares of the oil and natural gas company’s stock valued at $3,731,000 after purchasing an additional 100 shares in the last quarter. Usca Ria LLC lifted its stake in shares of Concho Resources by 5.0% in the 4th quarter. Usca Ria LLC now owns 2,100 shares of the oil and natural gas company’s stock valued at $216,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Concho Resources by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the oil and natural gas company’s stock valued at $1,176,000 after purchasing an additional 100 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its stake in shares of Concho Resources by 108.6% in the 3rd quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 114 shares in the last quarter. 94.65% of the stock is currently owned by institutional investors and hedge funds.
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About Concho Resources
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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