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Concho Resources (NYSE:CXO)’s share price traded down 3% during mid-day trading on Thursday following insider selling activity, AnalystRatingsNetwork reports. The company traded as low as $135.53 and last traded at $136.01, with a volume of 707,531 shares. The stock had previously closed at $140.22.

Specifically, VP E Joseph Wright sold 36,863 shares of the stock on the open market in a transaction dated Thursday, September 4th. The stock was sold at an average price of $134.86, for a total value of $4,971,344.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

A number of research firms have recently commented on CXO. Analysts at Stifel Nicolaus raised their price target on shares of Concho Resources from $115.00 to $170.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Concho Resources from $174.00 to $179.00 in a research note on Wednesday, August 27th. Finally, 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. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $156.11.

The stock has a 50-day moving average of $137.9 and a 200-day moving average of $132.0. The company has a market cap of $15.065 billion and a P/E ratio of 62.29.

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. On average, analysts predict that Concho Resources will post $4.27 earnings per share 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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