Todays Report: Today, Traders Buy Concho Resources Inc. (CXO) on Weakness Following Insider Selling

Today, Traders Buy Concho Resources Inc. (CXO) on Weakness Following Insider Selling

Investors purchased shares of Concho Resources Inc. (NYSE:CXO) on weakness during trading on Friday after an insider sold shares in the company. $27.05 million flowed into the stock on the tick-up and $19.59 million flowed out of the stock on the tick-down, for a money net flow of $7.46 million into the stock. Of all equities tracked, Concho Resources had the 28th highest net in-flow for the day. Concho Resources traded down ($4.13) for the day and closed at $134.26Specifically, CAO Brenda R. Schroer sold 1,800 shares of the business’s stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total value of $248,472.00. Following the completion of the sale, the chief accounting officer now directly owns 8,060 shares of the company’s stock, valued at $1,112,602.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is currently owned by company insiders.

Several analysts have weighed in on CXO shares. Johnson Rice started coverage on shares of Concho Resources in a research note on Tuesday, October 4th. They issued an “accumulate” rating for the company. Bank of America Corp. set a $151.00 price target 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. boosted their price objective on shares of Concho Resources from $143.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, August 11th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $140.00 price objective on shares of Concho Resources in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and an average target price of $139.85.

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

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, November 8th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.14. The business had revenue of $430.55 million for the quarter, compared to the consensus estimate of $69.10 million. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. Analysts expect that Concho Resources Inc. will post $0.43 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NN Investment Partners Holdings N.V. increased its position in Concho Resources by 148.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 13,552 shares of the company’s stock worth $1,616,000 after buying an additional 8,095 shares during the period. Creative Planning increased its position in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock worth $162,000 after buying an additional 259 shares during the period. Gateway Investment Advisers LLC increased its position in Concho Resources by 57.5% in the second quarter. Gateway Investment Advisers LLC now owns 212,919 shares of the company’s stock worth $25,395,000 after buying an additional 77,763 shares during the period. Gulf International Bank UK Ltd increased its position in Concho Resources by 3.7% in the second quarter. Gulf International Bank UK Ltd now owns 38,779 shares of the company’s stock worth $4,625,000 after buying an additional 1,400 shares during the period. Finally, Chevy Chase Trust Holdings Inc. increased its position in Concho Resources by 2.2% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 111,352 shares of the company’s stock worth $13,281,000 after buying an additional 2,388 shares during the period. 92.22% of the stock is currently owned by institutional investors and hedge funds.

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