Insider Buying: Gary A. Merriman Purchases 2,000 Shares of Concho Resources Stock (CXO)
Concho Resources (NYSE:CXO) Director Gary A. Merriman purchased 2,000 shares of the stock in a transaction dated Wednesday, August 20th. The shares were purchased at an average cost of $129.15 per share, with a total value of $258,300.00. Following the transaction, the director now directly owns 9,080 shares in the company, valued at approximately $1,172,682. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Concho Resources (NYSE:CXO) traded up 2.14% on Thursday, hitting $133.09. 1,176,525 shares of the company’s stock traded hands. Concho Resources has a 52 week low of $92.58 and a 52 week high of $148.61. The stock has a 50-day moving average of $139.9 and a 200-day moving average of $129.7. The company has a market cap of $14.845 billion and a P/E ratio of 57.89.
Concho Resources (NYSE:CXO) last released its earnings data on Wednesday, August 6th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.07. The company had revenue of $704.70 million for the quarter, compared to the consensus estimate of $676.71 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. Analysts expect that Concho Resources will post $4.29 EPS for the current fiscal year.
CXO has been the subject of a number of recent research reports. Analysts at Canaccord Genuity initiated coverage on shares of Concho Resources in a research note on Tuesday, August 12th. They set a “buy” rating and a $185.00 price target on the stock. Separately, analysts at KLR Group upgraded shares of Concho Resources from an “accumulate” rating to a “buy” rating in a research note on Tuesday, August 12th. They now have a $185.00 price target on the stock, up previously from $9.00. Finally, analysts at Stephens upgraded shares of Concho Resources from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 11th. They now have a $165.00 price target on the stock, up previously from $134.00. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Concho Resources has an average rating of “Buy” and a consensus target price of $155.65.
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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