Investors Sell Shares of Concho Resources Inc. (CXO) on Strength (CXO)
Traders sold shares of Concho Resources Inc. (NYSE:CXO) on strength during trading on Thursday. $31.05 million flowed into the stock on the tick-up and $65.98 million flowed out of the stock on the tick-down, for a money net flow of $34.93 million out of the stock. Of all companies tracked, Concho Resources had the 0th highest net out-flow for the day. Concho Resources traded up $0.05 for the day and closed at $119.66
CXO has been the subject of several analyst reports. Morgan Stanley raised Concho Resources from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $173.00 in a report on Monday, June 13th. Citigroup Inc. boosted their price objective on Concho Resources from $124.00 to $143.00 and gave the company a “buy” rating in a report on Monday, May 16th. Credit Suisse Group AG reissued a “buy” rating on shares of Concho Resources in a report on Sunday, May 8th. Stifel Nicolaus reissued a “buy” rating and issued a $120.00 price objective (up previously from $109.00) on shares of Concho Resources in a report on Thursday, March 31st. Finally, TheStreet raised Concho Resources from a “sell” rating to a “hold” rating in a report on Monday, July 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $122.04.
The company’s 50-day moving average price is $120.85 and its 200-day moving average price is $107.08. The firm’s market cap is $15.60 billion.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.08. The firm had revenue of $283.60 million for the quarter, compared to the consensus estimate of $459.60 million. During the same period last year, the firm posted $0.06 EPS. The company’s revenue for the quarter was down 31.4% on a year-over-year basis. On average, equities analysts anticipate that Concho Resources Inc. will post ($0.20) EPS for the current fiscal year.
In other news, Director Steven L. Beal sold 16,250 shares of Concho Resources stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $119.75, for a total transaction of $1,945,937.50. Following the completion of the sale, the director now directly owns 73,652 shares in the company, valued at approximately $8,819,827. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Other large investors recently bought and sold shares of the company. ProShare Advisors LLC increased its stake in Concho Resources by 12.7% in the fourth quarter. ProShare Advisors LLC now owns 11,245 shares of the company’s stock worth $1,044,000 after buying an additional 1,263 shares during the last quarter. OppenheimerFunds Inc. increased its stake in Concho Resources by 5.2% in the fourth quarter. OppenheimerFunds Inc. now owns 143,588 shares of the company’s stock worth $13,334,000 after buying an additional 7,078 shares during the last quarter. Vanguard Group Inc. increased its stake in Concho Resources by 10.8% in the fourth quarter. Vanguard Group Inc. now owns 9,445,877 shares of the company’s stock worth $877,144,000 after buying an additional 921,923 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. increased its stake in 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 during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake 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 worth $1,130,000 after buying an additional 205 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.