Traders Buy Concho Resources Inc. (CXO) on Weakness
Traders purchased shares of Concho Resources Inc. (NYSE:CXO) on weakness during trading on Thursday. $87.10 million flowed into the stock on the tick-up and $34.98 million flowed out of the stock on the tick-down, for a money net flow of $52.12 million into the stock. Of all stocks tracked, Concho Resources had the 24th highest net in-flow for the day. Concho Resources traded down ($3.07) for the day and closed at $129.20
Several brokerages have recently weighed in on CXO. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Concho Resources in a research note on Sunday, May 8th. Deutsche Bank AG upped their target price on Concho Resources from $132.00 to $140.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. SunTrust Banks Inc. upped their target price on Concho Resources from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. Zacks Investment Research downgraded Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Finally, Canaccord Genuity reissued a “hold” rating and issued a $120.00 price objective (up from $104.00) on shares of Concho Resources in a research note on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $133.13.
The company’s market capitalization is $17.04 billion. The stock’s 50-day moving average is $127.47 and its 200 day moving average is $114.91.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share 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 analyst estimates of $482.50 million. During the same period last year, the firm earned $0.38 earnings per share. The business’s revenue was down 26.3% compared to the same quarter last year. On average, equities analysts expect that Concho Resources Inc. will post $0.22 earnings per share for the current fiscal year.
In other news, Director Steven L. Beal sold 16,250 shares of the business’s 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 completion of the transaction, the director now directly owns 73,652 shares of the company’s stock, valued at $8,819,827. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
An institutional investor recently raised its position in Concho Resources stock. Ameriprise Financial Inc. raised its stake in shares of Concho Resources Inc. (NYSE:CXO) by 83.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 494,635 shares of the company’s stock after buying an additional 225,318 shares during the period. Ameriprise Financial Inc. owned approximately 0.42% of Concho Resources worth $45,932,000 as of its most recent SEC filing.
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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