Traders Buy Concho Resources (CXO) on Weakness Following Insider Selling

Traders bought shares of Concho Resources Inc (NYSE:CXO) on weakness during trading on Wednesday following insider selling activity. $71.61 million flowed into the stock on the tick-up and $39.06 million flowed out of the stock on the tick-down, for a money net flow of $32.55 million into the stock. Of all equities tracked, Concho Resources had the 12th highest net in-flow for the day. Concho Resources traded down ($0.06) for the day and closed at $102.10Specifically, Director Gary A. Merriman acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, February 27th. The stock was bought at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the completion of the transaction, the director now directly owns 19,727 shares in the company, valued at approximately $2,199,757.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven L. Beal sold 7,500 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $99.90, for a total transaction of $749,250.00. Following the sale, the director now owns 69,096 shares of the company’s stock, valued at $6,902,690.40. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

A number of equities research analysts have commented on CXO shares. Barclays raised their price target on shares of Concho Resources from $152.00 to $171.00 and gave the stock a “hold” rating in a report on Thursday, November 15th. ValuEngine upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a report on Tuesday, November 20th. Morgan Stanley reduced their price target on shares of Concho Resources from $169.00 to $163.00 and set a “hold” rating for the company in a report on Tuesday, November 20th. SunTrust Banks set a $160.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, November 27th. Finally, Zacks Investment Research cut shares of Concho Resources from a “buy” rating to a “hold” rating in a report on Wednesday, November 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Concho Resources currently has an average rating of “Buy” and an average price target of $167.08.

The company has a market cap of $20.65 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 0.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.04.



Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.16). Concho Resources had a net margin of 55.07% and a return on equity of 5.69%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the business posted $0.66 earnings per share. The firm’s quarterly revenue was up 36.8% on a year-over-year basis. As a group, equities analysts predict that Concho Resources Inc will post 4.51 EPS for the current fiscal year.

The firm also recently disclosed a special dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be paid a $0.125 dividend. The ex-dividend date is Thursday, February 28th. Concho Resources’s dividend payout ratio (DPR) is 10.89%.

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Concho Resources during the fourth quarter valued at about $166,890,000. Kentucky Retirement Systems bought a new position in shares of Concho Resources during the fourth quarter valued at about $895,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Concho Resources during the fourth quarter valued at about $407,000. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new position in shares of Concho Resources during the fourth quarter valued at about $538,000. Finally, APG Asset Management N.V. lifted its position in shares of Concho Resources by 922.2% during the fourth quarter. APG Asset Management N.V. now owns 274,976 shares of the oil and natural gas company’s stock valued at $24,725,000 after purchasing an additional 248,076 shares in the last quarter. 94.06% of the stock is currently owned by hedge funds and other institutional investors.

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Concho Resources Company Profile (NYSE:CXO)

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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