Concho Resources Inc. (NYSE:CXO)’s share price was down 1.6% on Monday . The company traded as low as $120.31 and last traded at $121.00, with a volume of 437,834 shares. The stock had previously closed at $122.98.

A number of equities analysts recently weighed in on CXO shares. Deutsche Bank AG upped their target price on shares of Concho Resources from $115.00 to $125.00 in a research note on Wednesday, March 23rd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $120.00 target price (up from $109.00) on shares of Concho Resources in a research note on Thursday, March 31st. Canaccord Genuity assumed coverage on shares of Concho Resources in a research note on Tuesday, April 5th. They issued a “hold” rating and a $95.00 target price for the company. Citigroup Inc. increased their price objective on shares of Concho Resources from $116.00 to $124.00 and gave the stock a “buy” rating in a research note on Thursday, April 7th. Finally, Cowen and Company downgraded shares of Concho Resources from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $109.00 to $114.00 in a research note on Monday, April 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $122.04.

The stock has a 50 day moving average of $121.19 and a 200-day moving average of $105.64. The stock’s market cap is $15.84 billion.

Concho Resources (NYSE:CXO) last released its quarterly 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 company had revenue of $283.60 million for the quarter, compared to analyst estimates of $459.60 million. During the same quarter in the previous year, the business posted $0.06 EPS. The business’s revenue was down 31.4% compared to the same quarter last year. Equities research analysts forecast that Concho Resources Inc. will post ($0.26) 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 dated 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 in the company, valued at $8,819,827. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Concho Resources by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 9,445,877 shares of the company’s stock valued at $877,144,000 after buying an additional 921,923 shares during the period. Wells Fargo & Company MN boosted its position in Concho Resources by 5.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,824,833 shares of the company’s stock worth $262,313,000 after buying an additional 155,096 shares during the last quarter. Morgan Stanley boosted its position in 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. California Public Employees Retirement System boosted its position in Concho Resources by 5.4% in the fourth quarter. California Public Employees Retirement System now owns 287,300 shares of the company’s stock worth $26,679,000 after buying an additional 14,700 shares during the last quarter. Finally, Standard Life Investments LTD bought a new position in Concho Resources during the fourth quarter worth $25,469,000.

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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