Concho Resources Inc. (CXO) Debt Trading 0.8% Higher Insider Trade
An issue of Concho Resources Inc. (NYSE:CXO) bonds rose 0.8% as a percentage of their face value during trading on Monday after an insider sold shares in the company. The high-yield debt issue has a 5.5% coupon and will mature on October 1, 2022. The bonds in the issue are now trading at $103.25 and were trading at $102.00 last week. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price. Specifically, CAO Brenda R. Schroer sold 1,800 shares of Concho Resources stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total transaction of $248,472.00. Following the sale, the chief accounting officer now owns 8,060 shares in the company, valued at $1,112,602.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.20% of the company’s stock.
A number of equities research analysts have weighed in on CXO shares. Morgan Stanley set a $173.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. KLR Group lifted their price target on shares of Concho Resources from $138.00 to $153.00 and gave the stock an “accumulate” rating in a research note on Wednesday, August 3rd. BMO Capital Markets restated a “buy” rating and issued a $130.00 target price on shares of Concho Resources in a research note on Wednesday, August 3rd. SunTrust Banks Inc. boosted their target price on shares of Concho Resources from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $140.00 target price on shares of Concho Resources in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $139.85.
The stock’s 50-day moving average is $133.68 and its 200 day moving average is $127.49. The firm’s market capitalization is $17.95 billion.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.14. The business had revenue of $430.55 million for the quarter, compared to analyst estimates of $69.10 million. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. Concho Resources’s revenue was down 7.1% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. Equities research analysts anticipate that Concho Resources Inc. will post $0.43 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. HighPoint Advisor Group LLC acquired a new stake in Concho Resources during the third quarter valued at $673,000. Credit Suisse AG raised its stake in shares of Concho Resources by 77.6% in the third quarter. Credit Suisse AG now owns 644,579 shares of the company’s stock worth $88,534,000 after buying an additional 281,617 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Concho Resources by 31.9% in the third quarter. Ameritas Investment Partners Inc. now owns 3,398 shares of the company’s stock worth $467,000 after buying an additional 821 shares during the last quarter. Chartwell Investment Partners LLC raised its stake in shares of Concho Resources by 5.5% in the third quarter. Chartwell Investment Partners LLC now owns 100,730 shares of the company’s stock worth $13,835,000 after buying an additional 5,255 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. raised its stake in shares of Concho Resources by 62.0% in the third quarter. Candriam Luxembourg S.C.A. now owns 6,541 shares of the company’s stock worth $898,000 after buying an additional 2,503 shares during the last quarter. 96.32% of the stock is currently owned by institutional investors and hedge funds.
Concho Resources Company Profile
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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