Insider Selling: Concho Resources Inc (NYSE:CXO) Chairman Sells 40,000 Shares of Stock

Concho Resources Inc (NYSE:CXO) Chairman Timothy A. Leach sold 40,000 shares of Concho Resources stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total value of $5,925,600.00. Following the sale, the chairman now directly owns 737,837 shares of the company’s stock, valued at $109,303,173.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Shares of Concho Resources Inc (NYSE CXO) traded up $0.48 during trading on Friday, hitting $146.52. The company’s stock had a trading volume of 1,037,360 shares, compared to its average volume of 1,300,000. Concho Resources Inc has a one year low of $106.73 and a one year high of $162.91. The stock has a market cap of $21,790.00, a price-to-earnings ratio of 38.56 and a beta of 1.00. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32.

Several analysts have recently weighed in on the company. Jefferies Group set a $173.00 target price on Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. Deutsche Bank assumed coverage on Concho Resources in a research report on Thursday, February 1st. They issued a “hold” rating and a $171.00 price target on the stock. SunTrust Banks cut Concho Resources from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a research report on Tuesday, February 6th. They noted that the move was a valuation call. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Friday, December 15th. Finally, KLR Group cut Concho Resources to a “hold” rating and set a $154.00 target price on the stock. in a research report on Wednesday, December 27th. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Concho Resources currently has an average rating of “Buy” and an average price target of $168.55.

Several institutional investors have recently modified their holdings of CXO. Nordea Investment Management AB increased its holdings in shares of Concho Resources by 4.5% during the 3rd quarter. Nordea Investment Management AB now owns 8,324 shares of the oil and natural gas company’s stock worth $1,096,000 after buying an additional 356 shares during the last quarter. Texas Capital Bancshares Inc. TX increased its holdings in shares of Concho Resources by 5.5% during the 3rd quarter. Texas Capital Bancshares Inc. TX now owns 7,274 shares of the oil and natural gas company’s stock worth $958,000 after buying an additional 380 shares during the last quarter. Comerica Bank increased its holdings in shares of Concho Resources by 0.8% during the 3rd quarter. Comerica Bank now owns 47,166 shares of the oil and natural gas company’s stock worth $6,264,000 after buying an additional 382 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Concho Resources by 2.5% during the 3rd quarter. Amalgamated Bank now owns 15,802 shares of the oil and natural gas company’s stock worth $2,081,000 after buying an additional 388 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its holdings in shares of Concho Resources by 1.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 24,455 shares of the oil and natural gas company’s stock worth $3,221,000 after buying an additional 400 shares during the last quarter. 94.57% of the stock is currently owned by institutional investors.

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Concho Resources Company Profile

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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