Morgan Stanley Reaffirms Hold Rating for Concho Resources (CXO)
Morgan Stanley reiterated their hold rating on shares of Concho Resources (NYSE:CXO) in a report released on Friday morning. Morgan Stanley currently has a $178.00 price objective on the oil and natural gas company’s stock, up from their prior price objective of $163.00.
Other research analysts have also recently issued reports about the stock. TheStreet upgraded shares of Concho Resources from a c+ rating to a b rating in a report on Friday, September 28th. KLR Group upgraded shares of Concho Resources from a hold rating to a buy rating and increased their price objective for the company from $166.00 to $178.00 in a report on Tuesday, July 24th. Williams Capital reiterated a buy rating and issued a $189.00 price objective on shares of Concho Resources in a report on Monday, July 23rd. Piper Jaffray Companies reissued a buy rating and set a $220.00 target price on shares of Concho Resources in a research note on Friday, July 20th. Finally, Goldman Sachs Group raised shares of Concho Resources from a neutral rating to a buy rating in a research note on Wednesday, July 18th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $176.57.
Shares of Concho Resources stock traded down $0.13 on Friday, hitting $150.43. The company had a trading volume of 1,771,157 shares, compared to its average volume of 1,980,827. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75. The stock has a market capitalization of $30.59 billion, a PE ratio of 71.98 and a beta of 0.94. Concho Resources has a 52 week low of $123.63 and a 52 week high of $163.11.
In related news, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total transaction of $1,473,780.00. Following the completion of the sale, the senior vice president now owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,500 shares of company stock valued at $2,376,320. Company insiders own 1.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $166,000. Cerebellum GP LLC purchased a new stake in shares of Concho Resources in the 3rd quarter valued at approximately $188,000. Summit X LLC purchased a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $203,000. KC Investment Advisors LLC purchased a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $204,000. Finally, Cornerstone Wealth Management LLC purchased a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $232,000. Institutional investors and hedge funds own 77.44% of the company’s stock.
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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