Traders Buy Concho Resources (CXO) on Weakness After Insider Selling

Traders purchased shares of Concho Resources Inc (NYSE:CXO) on weakness during trading hours on Friday following insider selling activity. $100.94 million flowed into the stock on the tick-up and $70.46 million flowed out of the stock on the tick-down, for a money net flow of $30.48 million into the stock. Of all stocks tracked, Concho Resources had the 17th highest net in-flow for the day. Concho Resources traded down ($1.11) for the day and closed at $138.98Specifically, VP E Joseph Wright sold 83,759 shares of Concho Resources stock in a transaction dated 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 transaction, the vice president now owns 159,268 shares in the company, valued at approximately $23,614,666.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ray M. Poage sold 4,000 shares of Concho Resources stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total value of $603,480.00. Following the transaction, the director now owns 24,799 shares in the company, valued at approximately $3,741,425.13. The disclosure for this sale can be found here. Insiders have sold a total of 127,759 shares of company stock worth $18,948,027 in the last quarter. 0.99% of the stock is currently owned by company insiders.

CXO has been the topic of several research reports. Zacks Investment Research cut Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, December 18th. Credit Suisse Group initiated coverage on Concho Resources in a research note on Monday, December 11th. They issued a “neutral” rating and a $136.00 target price on the stock. KLR Group cut Concho Resources to a “hold” rating and set a $154.00 target price on the stock. in a research note on Wednesday, December 27th. KeyCorp set a $150.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Thursday, October 19th. Finally, Royal Bank of Canada set a $167.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Wednesday, December 20th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $168.55.

The firm has a market capitalization of $20,500.00, a P/E ratio of 36.57 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66.

Several institutional investors have recently made changes to their positions in CXO. Meeder Asset Management Inc. raised its stake in shares of Concho Resources by 325.2% during the 4th quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after purchasing an additional 696 shares in the last quarter. ING Groep NV bought a new stake in shares of Concho Resources during the 4th quarter worth approximately $201,000. Commonwealth Equity Services Inc bought a new stake in shares of Concho Resources during the 3rd quarter worth approximately $206,000. Park Avenue Securities LLC bought a new stake in shares of Concho Resources during the 4th quarter worth approximately $208,000. Finally, Greylin Investment Mangement Inc. bought a new stake in shares of Concho Resources during the 4th quarter worth approximately $225,000. Institutional investors own 94.86% of the company’s stock.

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About Concho Resources

Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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