Concho Resources Inc. (CXO) Reaches New 12-Month High at $132.33
Shares of Concho Resources Inc. (NYSE:CXO) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $132.33 and last traded at $130.88, with a volume of 518,627 shares traded. The stock had previously closed at $128.92.
A number of analysts have recently issued reports on CXO shares. Cowen and Company lowered shares of Concho Resources from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $109.00 to $114.00 in a research report on Monday, April 18th. Credit Suisse Group AG reissued a “buy” rating on shares of Concho Resources in a research report on Sunday, May 8th. Canaccord Genuity reissued a “hold” rating and issued a $95.00 price target (down from $96.00) on shares of Concho Resources in a research report on Monday, May 9th. Citigroup Inc. increased their price target on shares of Concho Resources from $124.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, May 16th. Finally, Seaport Global Securities raised shares of Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 price target for the company in a research report on Tuesday, June 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $127.00.
The company’s 50 day moving average is $121.36 and its 200 day moving average is $108.78. The stock’s market cap is $17.00 billion.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.27. The company had revenue of $396.30 million for the quarter, compared to the consensus estimate of $482.50 million. The company’s revenue for the quarter was down 26.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. Analysts expect that Concho Resources Inc. will post ($0.09) earnings per share for the current fiscal year.
In related news, Director Steven L. Beal sold 16,250 shares of the stock in a transaction 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 sale, the director now owns 73,652 shares in the company, valued at approximately $8,819,827. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of large investors have bought and sold shares of CXO. 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 last quarter. Ashburton Jersey Ltd purchased a new position in Concho Resources during the fourth quarter valued at $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 last quarter. 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 last quarter. Finally, Utah Retirement Systems boosted its position in Concho Resources by 7.4% in the fourth quarter. Utah Retirement Systems now owns 23,119 shares of the company’s stock valued at $2,147,000 after buying an additional 1,600 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.