Concho Resources (NYSE:CXO) Trading Down 5.1% on Analyst Downgrade

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Concho Resources Inc (NYSE:CXO) shares were down 5.1% on Tuesday after Mitsubishi UFJ Financial Group lowered their price target on the stock from $121.00 to $116.00. Mitsubishi UFJ Financial Group currently has an overweight rating on the stock. Concho Resources traded as low as $69.28 and last traded at $69.44, approximately 7,419,442 shares changed hands during trading. An increase of 240% from the average daily volume of 2,181,305 shares. The stock had previously closed at $73.15.

Several other research analysts also recently weighed in on the stock. Stifel Nicolaus set a $188.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Friday, August 2nd. Raymond James dropped their target price on shares of Concho Resources from $150.00 to $130.00 and set a “strong-buy” rating for the company in a report on Friday, August 2nd. Williams Capital reaffirmed a “buy” rating and issued a $114.00 target price on shares of Concho Resources in a report on Tuesday. Credit Suisse Group dropped their target price on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 1st. Finally, TD Securities dropped their target price on shares of Concho Resources from $115.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $142.96.

In other news, CFO Brenda R. Schroer acquired 1,500 shares of Concho Resources stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $69.67 per share, with a total value of $104,505.00. Following the transaction, the chief financial officer now directly owns 35,137 shares of the company’s stock, valued at approximately $2,447,994.79. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary A. Merriman acquired 2,000 shares of Concho Resources stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $69.90 per share, for a total transaction of $139,800.00. Following the completion of the transaction, the director now directly owns 44,815 shares in the company, valued at $3,132,568.50. The disclosure for this purchase can be found here. Insiders have bought a total of 16,200 shares of company stock worth $1,084,349 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of CXO. Mizuho Securities Co. Ltd. acquired a new stake in Concho Resources in the second quarter valued at approximately $41,000. Crewe Advisors LLC acquired a new stake in Concho Resources in the second quarter valued at approximately $51,000. Covington Capital Management boosted its stake in Concho Resources by 81.2% in the second quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after acquiring an additional 224 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in Concho Resources in the second quarter valued at approximately $53,000. Finally, Icon Wealth Partners LLC acquired a new stake in Concho Resources in the first quarter valued at approximately $57,000. 95.46% of the stock is currently owned by institutional investors.

The company’s 50 day simple moving average is $80.80 and its two-hundred day simple moving average is $100.78. The company has a market capitalization of $14.71 billion, a price-to-earnings ratio of 15.13 and a beta of 1.25. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.05). Concho Resources had a return on equity of 4.12% and a net margin of 11.63%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the prior year, the business posted $1.24 EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. Analysts anticipate that Concho Resources Inc will post 3.18 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 9th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.50 dividend on an annualized basis and a yield of 0.72%. Concho Resources’s payout ratio is 10.89%.

Concho Resources Company Profile (NYSE:CXO)

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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