Concho Resources (NYSE:CXO) Trading Up 5.6%

Concho Resources Inc (NYSE:CXO)’s share price was up 5.6% during mid-day trading on Wednesday . The stock traded as high as $49.24 and last traded at $48.76. Approximately 2,146,600 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 2,517,414 shares. The stock had previously closed at $46.19.

Several equities analysts recently issued reports on CXO shares. KeyCorp decreased their price target on Concho Resources from $83.00 to $81.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “strong-buy” rating and set a $58.00 target price on the stock in a report on Tuesday, August 4th. ValuEngine cut Concho Resources from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Mizuho cut Concho Resources from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $68.00 to $69.00 in a report on Friday, June 19th. Finally, Wells Fargo & Company dropped their target price on Concho Resources from $70.00 to $69.00 and set an “overweight” rating on the stock in a research report on Thursday, June 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Concho Resources has a consensus rating of “Buy” and a consensus price target of $77.17.

The company has a current ratio of 1.80, a quick ratio of 1.76 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average of $50.47 and a 200 day moving average of $52.66. The company has a market cap of $9.59 billion, a P/E ratio of -0.99, a price-to-earnings-growth ratio of 0.93 and a beta of 1.86.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.80. The business had revenue of $474.00 million for the quarter, compared to analyst estimates of $892.65 million. Concho Resources had a positive return on equity of 5.27% and a negative net margin of 256.19%. The company’s quarterly revenue was down 57.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 earnings per share. On average, equities analysts predict that Concho Resources Inc will post 4.1 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, August 7th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.80 annualized dividend and a yield of 1.64%. Concho Resources’s payout ratio is currently 26.23%.

In other Concho Resources news, CAO Jacob Gobar sold 2,070 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $50.58, for a total value of $104,700.60. 1.10% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of CXO. Envestnet Asset Management Inc. lifted its holdings in shares of Concho Resources by 29.6% in the first quarter. Envestnet Asset Management Inc. now owns 12,267 shares of the oil and natural gas company’s stock valued at $526,000 after purchasing an additional 2,800 shares in the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Concho Resources by 7.3% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 29,082 shares of the oil and natural gas company’s stock worth $1,246,000 after acquiring an additional 1,968 shares during the period. Rhumbline Advisers grew its holdings in shares of Concho Resources by 6.0% during the 1st quarter. Rhumbline Advisers now owns 347,675 shares of the oil and natural gas company’s stock worth $14,898,000 after acquiring an additional 19,569 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Concho Resources by 18.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,273,445 shares of the oil and natural gas company’s stock worth $97,417,000 after acquiring an additional 357,377 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of Concho Resources by 10.0% during the 1st quarter. Russell Investments Group Ltd. now owns 33,492 shares of the oil and natural gas company’s stock worth $1,390,000 after acquiring an additional 3,049 shares during the period. Institutional investors own 90.60% of the company’s stock.

About Concho Resources (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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