Concho Resources Inc. (NYSE:CXO) shares fell 1.6% during trading on Monday . The company traded as low as $120.31 and last traded at $121.00, with a volume of 437,834 shares trading hands. The stock had previously closed at $122.98.

A number of research firms have recently commented on CXO. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $132.00 target price on the stock in a research note on Monday, July 11th. Canaccord Genuity reaffirmed a “hold” rating on shares of Concho Resources in a research note on Wednesday, July 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of Concho Resources in a research note on Wednesday, June 29th. Deutsche Bank AG upped their target price on Concho Resources from $132.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Finally, Seaport Global Securities raised Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 target price on the stock in a research note on Tuesday, June 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $122.04.

The stock’s market capitalization is $15.92 billion. The stock has a 50-day moving average price of $121.19 and a 200 day moving average price of $105.11.

Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, May 4th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.08. The firm had revenue of $283.60 million for the quarter, compared to analyst estimates of $459.60 million. Concho Resources’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.06 earnings per share. Equities research analysts forecast that Concho Resources Inc. will post ($0.27) earnings per share for the current fiscal year.

In related news, Director Steven L. Beal sold 16,250 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $119.75, for a total transaction of $1,945,937.50. Following the transaction, the director now directly owns 73,652 shares of the company’s stock, valued at $8,819,827. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of hedge funds and institutional investors recently made changes to their positions in the stock. Bank of Montreal Can increased its position in shares of Concho Resources by 267.6% in the fourth quarter. Bank of Montreal Can now owns 172,044 shares of the company’s stock worth $15,977,000 after buying an additional 125,236 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of Concho Resources by 20.4% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 27,060 shares of the company’s stock worth $2,513,000 after buying an additional 4,577 shares during the last quarter. Standard Life Investments LTD bought a new position in shares of Concho Resources during the fourth quarter worth approximately $25,469,000. Morgan Stanley increased its position in shares of Concho Resources by 159.2% in the fourth quarter. Morgan Stanley now owns 305,487 shares of the company’s stock worth $28,369,000 after buying an additional 187,648 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its position in shares of Concho Resources by 3.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 37,379 shares of the company’s stock worth $3,471,000 after buying an additional 1,250 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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