Concho Resources Inc. (NYSE:CXO) VP E Joseph Wright sold 28,000 shares of the company’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $135.15, for a total transaction of $3,784,200.00. Following the sale, the vice president now directly owns 164,381 shares of the company’s stock, valued at approximately $22,216,092.15. The sale was disclosed in a filing with the SEC, which is available at this link.
Concho Resources Inc. (NYSE:CXO) traded up 0.19% on Wednesday, hitting $135.68. 868,265 shares of the company were exchanged. Concho Resources Inc. has a 52-week low of $72.25 and a 52-week high of $147.55. The stock’s market cap is $19.13 billion. The firm has a 50 day moving average of $137.87 and a 200-day moving average of $131.71.
Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm earned $430.55 million during the quarter, compared to the consensus estimate of $69.10 million. During the same period in the previous year, the firm earned $0.33 earnings per share. Concho Resources’s revenue was down 7.1% compared to the same quarter last year. On average, equities analysts expect that Concho Resources Inc. will post $0.45 earnings per share for the current fiscal year.
CXO has been the topic of several recent analyst reports. Johnson Rice initiated coverage on shares of Concho Resources in a report on Tuesday, October 4th. They issued an “accumulate” rating on the stock. Bank of America Corporation set a $151.00 target price on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, November 8th. Zacks Investment Research lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a report on Thursday, November 3rd. KLR Group boosted their target price on shares of Concho Resources from $157.00 to $172.00 and gave the company an “accumulate” rating in a report on Thursday, November 10th. Finally, RBC Capital Markets reiterated a “buy” rating and issued a $165.00 target price on shares of Concho Resources in a report on Wednesday, January 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. Concho Resources currently has a consensus rating of “Buy” and an average price target of $144.30.
A number of large investors have recently added to or reduced their stakes in CXO. Advisor Group Inc. acquired a new position in shares of Concho Resources during the second quarter worth $102,000. University of Texas Investment Managment Co. acquired a new position in shares of Concho Resources during the second quarter worth $110,000. Synovus Financial Corp acquired a new position in shares of Concho Resources during the third quarter worth $139,000. Cypress Capital Management LLC WY acquired a new position in shares of Concho Resources during the third quarter worth $158,000. Finally, Mizuho Asset Management Co. Ltd. boosted its position in shares of Concho Resources by 159.5% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,767 shares of the company’s stock worth $211,000 after buying an additional 1,086 shares during the period. Hedge funds and other institutional investors own 96.14% of the company’s stock.
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.