SunTrust Banks set a $165.00 price objective on Concho Resources (NYSE:CXO) in a research note issued to investors on Monday morning. The firm currently has a hold rating on the oil and natural gas company’s stock.
Other equities research analysts have also issued reports about the stock. TheStreet upgraded shares of Concho Resources from a c+ rating to a b- rating in a research note on Tuesday, February 20th. Zacks Investment Research upgraded shares of Concho Resources from a hold rating to a buy rating and set a $157.00 target price for the company in a research note on Thursday, December 21st. Royal Bank of Canada set a $167.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Wednesday, December 20th. Jefferies Group set a $173.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Wednesday, December 20th. Finally, BMO Capital Markets restated a buy rating and issued a $200.00 price objective on shares of Concho Resources in a research note on Sunday, January 14th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $171.24.
Shares of CXO opened at $153.37 on Monday. The firm has a market cap of $22,512.23, a price-to-earnings ratio of 71.24 and a beta of 0.97. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30. Concho Resources has a 1-year low of $106.73 and a 1-year high of $162.91.
In related news, Chairman Timothy A. Leach sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total value of $5,925,600.00. Following the completion of the transaction, the chairman now owns 737,837 shares of the company’s stock, valued at approximately $109,303,173.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP E Joseph Wright sold 83,759 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the completion of the transaction, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its holdings in Concho Resources by 325.2% in the 4th quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after buying an additional 696 shares during the period. ING Groep NV bought a new position in Concho Resources in the 4th quarter worth $201,000. Park Avenue Securities LLC bought a new position in Concho Resources in the 4th quarter worth $208,000. Greylin Investment Mangement Inc. bought a new position in shares of Concho Resources during the 4th quarter valued at about $225,000. Finally, Harbor Advisors LLC bought a new position in shares of Concho Resources during the 4th quarter valued at about $225,000. 95.74% of the stock is owned by institutional investors.
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About Concho Resources
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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