Traders Buy Concho Resources Inc. (CXO) on Weakness
Traders bought 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 equities 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 analysts recently issued reports on the company. Zacks Investment Research cut Concho Resources from a “buy” rating to a “hold” rating in a research report on Monday, August 15th. Morgan Stanley reissued a “buy” rating and set a $187.00 price target on shares of Concho Resources in a research note on Tuesday, August 16th. Credit Suisse Group AG raised their price target on Concho Resources from $145.00 to $154.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 24th. JPMorgan Chase & Co. raised their price target on Concho Resources from $127.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday, August 15th. Finally, Simmons reissued a “buy” rating on shares of Concho Resources in a research note on Monday, August 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Concho Resources has a consensus rating of “Buy” and an average price target of $133.13.
The stock’s 50-day moving average is $127.78 and its 200 day moving average is $115.14. The company’s market capitalization is $17.17 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, beating the 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 quarter in the previous year, the business posted $0.38 earnings per share. The firm’s revenue was down 26.3% on a year-over-year basis. Equities analysts expect that Concho Resources Inc. will post $0.22 earnings per share for the current year.
In other Concho Resources news, Director Steven L. Beal sold 16,250 shares of the firm’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 sale, the director now directly owns 73,652 shares in the company, valued at $8,819,827. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
An institutional investor recently raised its position in Concho Resources stock. Ameriprise Financial Inc. raised its position in shares of Concho Resources Inc. (NYSE:CXO) by 83.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 494,635 shares of the company’s stock after buying an additional 225,318 shares during the period. Ameriprise Financial Inc. owned 0.42% of Concho Resources worth $45,932,000 at the end of the most recent reporting 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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