Concho Resources Inc. (NYSE:CXO) fell 4.5% on Monday . The stock traded as low as $118.47 and last traded at $118.57, with a volume of 818,604 shares traded. The stock had previously closed at $124.20.

Several brokerages have recently weighed in on CXO. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Concho Resources in a research report on Sunday, May 8th. Cowen and Company cut Concho Resources from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $109.00 to $114.00 in a research note on Monday, April 18th. Canaccord Genuity reiterated a “hold” rating and issued a $95.00 price target (down previously from $96.00) on shares of Concho Resources in a research note on Monday, May 9th. TheStreet upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Finally, Citigroup Inc. boosted their price target on Concho Resources from $124.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, May 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $122.04.

The stock’s 50-day moving average price is $120.79 and its 200 day moving average price is $108.06. The stock’s market capitalization is $15.39 billion.

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 analysts’ consensus estimates of $0.03 by $0.08. The company earned $283.60 million during the quarter, compared to analyst estimates of $459.60 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. On average, equities research analysts predict that Concho Resources Inc. will post ($0.20) earnings per share for the current year.

In related news, Director Steven L. Beal sold 16,250 shares of Concho Resources stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $119.75, for a total transaction of $1,945,937.50. Following the sale, the director now directly owns 73,652 shares of the company’s stock, valued at $8,819,827. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

A number of hedge funds and institutional investors have made changes to their positions in the company. Morgan Stanley boosted 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 in the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its position in shares of Concho Resources by 7.3% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 190,098 shares of the company’s stock worth $17,409,000 after buying an additional 12,955 shares in the last quarter. Redwood Investments LLC boosted its position 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 worth $17,497,000 after buying an additional 25,783 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position 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 worth $16,706,000 after buying an additional 149,610 shares in the last quarter. Finally, Bank of Montreal Can boosted 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 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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