Traders Sell Concho Resources Inc. (CXO) on Strength (CXO)
Traders sold shares of Concho Resources Inc. (NYSE:CXO) on strength during trading hours 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 stocks 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
Several analysts recently weighed in on CXO shares. Seaport Global Securities upgraded 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. Credit Suisse Group AG restated a “buy” rating on shares of Concho Resources in a research report on Sunday, May 8th. Citigroup Inc. upped their price objective on Concho Resources from $116.00 to $124.00 and gave the stock a “buy” rating in a research report on Thursday, April 7th. Deutsche Bank AG upped their price objective on Concho Resources from $132.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, June 14th. Finally, Zacks Investment Research upgraded 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $122.04.
The company’s 50 day moving average price is $120.84 and its 200 day moving average price is $107.38. The stock’s market capitalization is $16.19 billion.
Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, May 4th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by $0.08. The firm earned $283.60 million during the quarter, compared to the consensus estimate of $459.60 million. During the same period in the previous year, the business posted $0.06 earnings per share. The company’s revenue was down 31.4% compared to the same quarter last year. Equities analysts expect 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 the business’s stock in a transaction dated 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 sale, the director now owns 73,652 shares of the company’s stock, valued at approximately $8,819,827. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Several large investors recently added to or reduced their stakes in CXO. ProShare Advisors LLC raised 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 period. OppenheimerFunds Inc. raised 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 period. Vanguard Group Inc. raised 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 period. Mizuho Trust & Banking Co. Ltd. raised 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 period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised 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 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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