Today: Today, Concho Resources Inc. (CXO) Bonds Trading 0.8% Higher Insider Trade

Today, Concho Resources Inc. (CXO) Bonds Trading 0.8% Higher Insider Trade

An issue of Concho Resources Inc. (NYSE:CXO) debt rose 0.8% as a percentage of its face value during trading on Friday following insider selling activity. The high-yield debt issue has a 5.5% coupon and is set to mature on October 1, 2022. The debt is now trading at $103.25 and was trading at $102.00 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price. Specifically, CAO Brenda R. Schroer sold 1,800 shares of the stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total transaction of $248,472.00. Following the completion of the transaction, the chief accounting officer now directly owns 8,060 shares in the company, valued at approximately $1,112,602.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.20% of the company’s stock.

A number of equities analysts have recently commented on CXO shares. Johnson Rice started coverage on shares of Concho Resources in a research note on Tuesday, October 4th. They set an “accumulate” rating for the company. Bank of America Corp. set a $151.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, November 8th. Zacks Investment Research downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Thursday, November 3rd. Citigroup Inc. increased their price objective on shares of Concho Resources from $143.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Finally, Deutsche Bank AG restated a “buy” rating and set a $140.00 price objective 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 assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $139.85.

The stock’s 50-day moving average price is $134.35 and its 200 day moving average price is $127.10. The stock’s market cap is $18.93 billion.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.14. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The business had revenue of $430.55 million for the quarter, compared to analysts’ expectations of $69.10 million. During the same period in the previous year, the company earned $0.33 earnings per share. The firm’s revenue for the quarter was down 7.1% compared to the same quarter last year. Equities analysts anticipate that Concho Resources Inc. will post $0.43 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Artemis Investment Management LLP boosted its position in Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock worth $10,832,000 after buying an additional 21,528 shares during the last quarter. Standard Life Investments LTD boosted its position in Concho Resources by 30.3% in the second quarter. Standard Life Investments LTD now owns 684,574 shares of the company’s stock worth $81,646,000 after buying an additional 159,042 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in Concho Resources by 7.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,106,833 shares of the company’s stock worth $132,012,000 after buying an additional 79,559 shares during the last quarter. British Airways Pensions Investment Management Ltd boosted its position in Concho Resources by 16.4% in the second quarter. British Airways Pensions Investment Management Ltd now owns 312,380 shares of the company’s stock worth $37,405,000 after buying an additional 44,000 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in Concho Resources by 4.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 4,038 shares of the company’s stock worth $482,000 after buying an additional 179 shares during the last quarter. Institutional investors and hedge funds own 92.22% of the company’s stock.

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