Insider Selling: Concho Resources VP Sells 36,863 Shares of Stock (CXO)
Concho Resources (NYSE:CXO) VP E Joseph Wright sold 36,863 shares of the company’s stock on the open market in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $134.86, for a total value of $4,971,344.18. Following the completion of the transaction, the vice president now directly owns 156,685 shares of the company’s stock, valued at approximately $21,130,539. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Concho Resources (NYSE:CXO) traded down 3.68% on Thursday, hitting $135.06. The stock had a trading volume of 1,494,782 shares. Concho Resources has a 1-year low of $94.51 and a 1-year high of $148.61. 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 announced its earnings results on Wednesday, August 6th. The company reported $1.04 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.98 earnings per share. Concho Resources’s revenue was up 25.2% compared to the same quarter last year. On average, analysts predict that Concho Resources will post $4.27 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. 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 research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $156.11.
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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