Concho Resources Target of Unusually Large Options Trading (NYSE:CXO)

Concho Resources Inc (NYSE:CXO) was the target of unusually large options trading activity on Thursday. Investors purchased 46,175 put options on the company. This represents an increase of 4,152% compared to the typical daily volume of 1,086 put options.

In related news, President Jack F. Harper purchased 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $65.40 per share, with a total value of $654,000.00. Following the completion of the acquisition, the president now directly owns 170,605 shares in the company, valued at $11,157,567. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Susan J. Helms purchased 700 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost of $70.12 per share, with a total value of $49,084.00. Following the completion of the acquisition, the director now owns 5,137 shares of the company’s stock, valued at $360,206.44. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 16,200 shares of company stock worth $1,084,349. Insiders own 1.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Hawaiian Bank lifted its position in Concho Resources by 2,400.0% during the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 240 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Concho Resources during the 2nd quarter worth approximately $41,000. Valeo Financial Advisors LLC acquired a new position in Concho Resources during the 1st quarter worth approximately $50,000. Crewe Advisors LLC acquired a new position in Concho Resources during the 2nd quarter worth approximately $51,000. Finally, Covington Capital Management lifted its position in Concho Resources by 81.2% during the 2nd quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock worth $52,000 after acquiring an additional 224 shares in the last quarter. 94.29% of the stock is currently owned by institutional investors and hedge funds.

CXO traded down $3.09 during midday trading on Friday, hitting $69.96. The company’s stock had a trading volume of 1,905,029 shares, compared to its average volume of 4,031,475. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. The firm has a market cap of $14.63 billion, a P/E ratio of 15.24 and a beta of 1.15. The firm has a 50-day moving average price of $86.83 and a two-hundred day moving average price of $103.01. Concho Resources has a 52-week low of $63.92 and a 52-week high of $160.81.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 EPS. On average, equities analysts expect that Concho Resources will post 3.27 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Thursday, August 8th. Concho Resources’s dividend payout ratio is currently 10.89%.

A number of equities research analysts have commented on the company. Credit Suisse Group reduced their target price on Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 1st. TD Securities reduced their target price on Concho Resources from $115.00 to $100.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Stifel Nicolaus set a $188.00 target price on Concho Resources and gave the company a “buy” rating in a report on Friday, August 2nd. Bank of America reduced their target price on Concho Resources from $145.00 to $136.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Finally, Johnson Rice downgraded Concho Resources from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $145.42.

Concho Resources Company Profile

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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