Concho Resources Inc. (NYSE:CXO)’s share price fell 3.6% during mid-day trading on Tuesday . The company traded as low as $130.20 and last traded at $131.59, with a volume of 4,086,393 shares. The stock had previously closed at $136.44.

A number of brokerages have recently issued reports on CXO. Deutsche Bank AG raised their target price on shares of Concho Resources from $132.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, June 14th. Credit Suisse Group AG restated a “buy” rating on shares of Concho Resources in a research report on Sunday, May 8th. SunTrust Banks Inc. raised their target price on shares of Concho Resources from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Morgan Stanley restated a “buy” rating and set a $187.00 target price on shares of Concho Resources in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $129.86.

The stock has a 50-day moving average of $122.64 and a 200-day moving average of $111.27. The stock’s market capitalization is $17.21 billion.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.27. During the same period in the prior year, the company posted $0.38 earnings per share. The firm had revenue of $396.30 million for the quarter, compared to analyst estimates of $482.50 million. The business’s revenue was down 26.3% on a year-over-year basis. On average, analysts forecast that Concho Resources Inc. will post $0.08 earnings per share for the current fiscal year.

In related news, Director Steven L. Beal sold 16,250 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now directly owns 73,652 shares in the company, valued at approximately $8,819,827. The sale was disclosed in a document filed with the SEC, which is available through this link.

A number of hedge funds and institutional investors recently modified their holdings of CXO. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its position in shares of 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 worth $1,492,000 after buying an additional 2,006 shares during the last quarter. Stephens Inc. AR increased its position in shares of Concho Resources by 9.7% in the fourth quarter. Stephens Inc. AR now owns 22,423 shares of the company’s stock worth $2,082,000 after buying an additional 1,979 shares during the last quarter. Utah Retirement Systems increased its position in shares of Concho Resources by 7.4% in the fourth quarter. Utah Retirement Systems now owns 23,119 shares of the company’s stock worth $2,147,000 after buying an additional 1,600 shares during the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of Concho Resources by 20.4% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 27,060 shares of the company’s stock worth $2,513,000 after buying an additional 4,577 shares during the last quarter. Finally, KBC Group NV increased its position in shares of Concho Resources by 5.1% in the fourth quarter. KBC Group NV now owns 38,097 shares of the company’s stock worth $3,538,000 after buying an additional 1,843 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.

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