Concho Resources Sees Unusually High Options Volume (CXO)
Concho Resources (NYSE:CXO) saw unusually large options trading activity on Wednesday. Traders acquired 10,904 put options on the company, American Banking and Market News reports. This is an increase of approximately 1,020% compared to the average volume of 974 put options.
A number of research firms have recently commented on CXO. Analysts at SunTrust raised their price target on shares of Concho Resources from $151.00 to $159.00 in a research note on Thursday, June 19th. Separately, analysts at Barclays raised their price target on shares of Concho Resources from $140.00 to $153.00 in a research note on Friday, May 23rd. They now have an “overweight” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of Concho Resources from $130.00 to $160.00 in a research note on Wednesday, May 14th. They now have a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $140.56.
Concho Resources (NYSE:CXO) traded up 2.86% on Wednesday, hitting $140.29. The stock had a trading volume of 1,440,342 shares. Concho Resources has a 52-week low of $83.44 and a 52-week high of $145.70. The stock’s 50-day moving average is $134.4 and its 200-day moving average is $118.8. The company has a market cap of $14.593 billion and a P/E ratio of 45.97.
Concho Resources (NYSE:CXO) last announced its earnings results on Monday, May 12th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $660.96 million for the quarter, compared to the consensus estimate of $629.78 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The company’s quarterly revenue was up 40.0% on a year-over-year basis. Analysts expect that Concho Resources will post $4.40 EPS for the current fiscal year.
Concho Resources Inc(NYSE:CXO) is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties.
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