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

Today, Concho Resources Inc. (CXO) Debt 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 Monday after an insider sold shares in the company. The high-yield issue of debt 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 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price. Specifically, CAO Brenda R. Schroer sold 1,800 shares of the firm’s stock in a transaction dated Wednesday, November 23rd. The stock was sold at an average price of $138.04, for a total transaction of $248,472.00. Following the completion of the sale, the chief accounting officer now directly owns 8,060 shares in the company, valued at approximately $1,112,602.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.

CXO has been the subject of a number of research reports. KLR Group raised their price objective on Concho Resources from $138.00 to $153.00 and gave the stock an “accumulate” rating in a research report on Wednesday, August 3rd. Johnson Rice initiated coverage on Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating for the company. Morgan Stanley restated a “buy” rating and set a $187.00 price objective on shares of Concho Resources in a research report on Tuesday, August 16th. Deutsche Bank AG raised their price objective on Concho Resources from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Finally, Credit Suisse Group AG restated a “buy” rating and set a $145.00 price objective on shares of Concho Resources in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $139.85.

The stock’s market cap is $18.26 billion. The stock’s 50 day moving average price is $133.97 and its 200-day moving average price is $127.25.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.14. The firm 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%. The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. On average, equities analysts predict 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 company. Artemis Investment Management LLP raised 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 valued at $10,832,000 after buying an additional 21,528 shares during the period. Standard Life Investments LTD raised 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 valued at $81,646,000 after buying an additional 159,042 shares during the period. Artisan Partners Limited Partnership raised 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 valued at $132,012,000 after buying an additional 79,559 shares during the period. British Airways Pensions Investment Management Ltd raised 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 valued at $37,405,000 after buying an additional 44,000 shares during the period. Finally, Candriam Luxembourg S.C.A. raised 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 valued at $482,000 after buying an additional 179 shares during the period. 96.32% of the stock is currently owned by hedge funds and other institutional investors.

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