Investors Buy Shares of Concho Resources (CXO) on Weakness

Traders bought shares of Concho Resources Inc (NYSE:CXO) on weakness during trading on Wednesday. $43.12 million flowed into the stock on the tick-up and $28.56 million flowed out of the stock on the tick-down, for a money net flow of $14.56 million into the stock. Of all companies tracked, Concho Resources had the 26th highest net in-flow for the day. Concho Resources traded down ($0.14) for the day and closed at $156.58

A number of analysts have recently commented on the company. Piper Jaffray Companies reissued a “buy” rating and set a $170.00 price target on shares of Concho Resources in a research note on Tuesday, January 9th. Scotiabank set a $145.00 price target on Concho Resources and gave the company a “buy” rating in a research note on Saturday, November 25th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Monday, November 6th. Jefferies Group raised Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research note on Monday, October 9th. Finally, KLR Group lowered Concho Resources from a “buy” rating to a “hold” rating and set a $154.00 price target on the stock. in a research note on Thursday, December 21st. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Concho Resources currently has an average rating of “Buy” and an average price target of $157.42.

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $23,280.00, a PE ratio of 41.21 and a beta of 1.08.

Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.19. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The company had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. During the same period last year, the company earned $0.32 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. equities research analysts predict that Concho Resources Inc will post 1.86 earnings per share for the current fiscal year.

In other news, Director Ray M. Poage sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the transaction, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.99% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its holdings in Concho Resources by 7.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 517,867 shares of the oil and natural gas company’s stock worth $77,794,000 after purchasing an additional 34,958 shares in the last quarter. Creative Planning increased its holdings in Concho Resources by 154.2% in the fourth quarter. Creative Planning now owns 6,852 shares of the oil and natural gas company’s stock worth $1,029,000 after purchasing an additional 4,157 shares in the last quarter. National Pension Service increased its holdings in Concho Resources by 4.3% in the fourth quarter. National Pension Service now owns 157,554 shares of the oil and natural gas company’s stock worth $23,668,000 after purchasing an additional 6,481 shares in the last quarter. Bank of Montreal Can increased its holdings in Concho Resources by 10.7% in the fourth quarter. Bank of Montreal Can now owns 71,123 shares of the oil and natural gas company’s stock worth $10,684,000 after purchasing an additional 6,876 shares in the last quarter. Finally, Greylin Investment Mangement Inc. bought a new stake in Concho Resources in the fourth quarter worth approximately $225,000. Institutional investors own 94.50% of the company’s stock.

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About Concho Resources

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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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