Concho Resources Inc. (NYSE:CXO) fell 4.7% on Monday . The company traded as low as $116.89 and last traded at $117.11, with a volume of 781,663 shares traded. The stock had previously closed at $122.84.

A number of brokerages have recently weighed in on CXO. Canaccord Genuity reiterated a “hold” rating and issued a $95.00 price objective (down from $96.00) on shares of Concho Resources in a research report on Monday, May 9th. Seaport Global Securities upgraded Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 price objective on the stock in a research report on Tuesday, June 7th. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $132.00 price objective on the stock in a research report on Monday, July 11th. Cowen and Company lowered Concho Resources from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $109.00 to $114.00 in a research report on Monday, April 18th. Finally, Deutsche Bank AG lifted their price objective on Concho Resources from $132.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, June 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Concho Resources presently has an average rating of “Buy” and an average price target of $122.04.

The company’s market capitalization is $15.44 billion. The stock’s 50 day moving average is $121.25 and its 200-day moving average is $106.10.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.05) EPS 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 revenue was down 31.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.06 EPS. On average, equities research analysts expect that Concho Resources Inc. will post ($0.26) EPS for the current fiscal year.

In other news, Director Steven L. Beal sold 16,250 shares of the stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $119.75, for a total value of $1,945,937.50. Following 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 the SEC website.

Several hedge funds have added to or reduced their stakes in the stock. ProShare Advisors LLC raised its stake in Concho Resources by 12.7% in the fourth quarter. ProShare Advisors LLC now owns 11,245 shares of the company’s stock valued at $1,044,000 after buying an additional 1,263 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Concho Resources by 1.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,167 shares of the company’s stock valued at $1,130,000 after buying an additional 205 shares in the last quarter. Ashburton Jersey Ltd acquired a new stake in Concho Resources during the fourth quarter valued at approximately $1,277,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake in Concho Resources by 14.3% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 16,063 shares of the company’s stock valued at $1,492,000 after buying an additional 2,006 shares in the last quarter. Finally, Stephens Inc. AR raised its stake in 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 in 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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