Concho Resources Inc. (NYSE:CXO) gapped up before the market opened on Tuesday . The stock had previously closed at $117.84, but opened at $118.28. Concho Resources shares last traded at $122.93, with a volume of 608,347 shares trading hands.

Several equities research analysts have recently commented on the stock. Canaccord Genuity reaffirmed a “hold” rating and set a $95.00 price target (down previously from $96.00) on shares of Concho Resources in a research report on Monday, May 9th. Deutsche Bank AG reissued a “buy” rating on shares of Concho Resources in a report on Thursday, March 24th. Seaport Global Securities raised shares of Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 target price for the company in a report on Tuesday, June 7th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $132.00 target price for the company in a report on Monday. Finally, Cowen and Company lowered shares of Concho Resources from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $109.00 to $114.00 in a report on Monday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Concho Resources currently has an average rating of “Buy” and a consensus price target of $122.04.

The firm’s market capitalization is $15.95 billion. The firm has a 50 day moving average of $120.98 and a 200-day moving average of $104.62.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.08. During the same period in the previous year, the business earned $0.06 EPS. The firm earned $283.60 million during the quarter, compared to analyst estimates of $459.60 million. Concho Resources’s quarterly revenue was down 31.4% on a year-over-year basis. Analysts predict that Concho Resources Inc. will post ($0.32) EPS for the current year.

In other news, Director Steven L. Beal sold 16,250 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $119.75, for a total value of $1,945,937.50. Following the completion of the sale, the director now directly owns 73,652 shares in the company, valued at $8,819,827. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Other hedge funds have recently modified their holdings of the company. Roosevelt Investment Group Inc. boosted its stake in shares of Concho Resources by 527.2% in the fourth quarter. Roosevelt Investment Group Inc. now owns 116,550 shares of the company’s stock valued at $10,823,000 after buying an additional 97,967 shares during the last quarter. Ashburton Jersey Ltd purchased a new stake in shares of Concho Resources during the fourth quarter valued at approximately $1,277,000. BNP Paribas Arbitrage SA boosted its stake in shares of Concho Resources by 493.8% in the fourth quarter. BNP Paribas Arbitrage SA now owns 179,905 shares of the company’s stock valued at $16,706,000 after buying an additional 149,610 shares during the last quarter. Stephens Inc. AR boosted its stake in shares of Concho Resources by 9.7% in the fourth quarter. Stephens Inc. AR now owns 22,423 shares of the company’s stock valued at $2,082,000 after buying an additional 1,979 shares during the last quarter. Finally, Redwood Investments LLC boosted its stake in shares of Concho Resources by 15.9% in the fourth quarter. Redwood Investments LLC now owns 188,425 shares of the company’s stock valued at $17,497,000 after buying an additional 25,783 shares during the last quarter.

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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