Concho Resources Inc. (NYSE:CXO) was down 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. The stock had previously closed at $124.20.

Several equities research analysts recently weighed in on CXO shares. Morgan Stanley raised shares of Concho Resources from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $83.00 to $173.00 in a research report on Monday, June 13th. Seaport Global Securities raised shares of Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 price objective for the company in a research 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 price objective for the company in a research report on Monday, July 11th. Canaccord Genuity reaffirmed a “hold” rating on shares of Concho Resources in a research report on Wednesday, July 6th. Finally, Citigroup Inc. upped their price objective on shares of Concho Resources from $116.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, April 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Concho Resources presently has an average rating of “Buy” and an average price target of $122.04.

The stock’s market cap is $16.21 billion. The stock has a 50-day moving average price of $120.84 and a 200 day moving average price of $108.38.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.27. The company earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. During the same period last year, the firm earned $0.38 earnings per share. Concho Resources’s revenue for the quarter was down 26.3% on a year-over-year basis. On average, equities analysts predict that Concho Resources Inc. will post ($0.20) earnings per share for the current year.

In other Concho Resources news, Director Steven L. Beal sold 16,250 shares of Concho Resources 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 transaction, the director now directly owns 73,652 shares of the company’s stock, valued at approximately $8,819,827. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Several institutional investors have bought and sold shares of CXO. ProShare Advisors LLC boosted its position 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 during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position 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 during the period. Ashburton Jersey Ltd acquired a new position in Concho Resources during the fourth quarter valued at about $1,277,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position 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 during the period. Finally, Stephens Inc. AR boosted its position 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 during the period.

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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