Dodge & Cox recently announced the acquisition of new stake in Concho Resources Inc. (NYSE:CXO). The institutional investor has increased its shareholding in the Energy company by 63.26% to 17.24 million shares with purchase of 6.68 million shares. This fresh investment now brings its stake to 8.77% valued currently at $888.07 million. In addition, SSgA Funds Management, Inc. raised its holdings by 1.0 million to 11.17 million shares. And BlackRock Fund Advisors has lifted its position by 0.54% or 53809.0 shares – to 10.06 million shares.
With over 3.05 million Concho Resources Inc. (CXO) shares trading Friday and a closing price of $52.54 on the day, the dollar volume was approximately $160.35 million. The shares have shown a negative weekly performance of -1.72% and its price on 07/31/20 gained nearly 3.53%. Currently, there are 195.33M common shares owned by the public and among those 194.61M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 35 analysts who have offered their price forecasts for CXO have a consensus price objective of $72.71. The analysts have set the share’s price value over the next 12 months at a high of $99.00 and a low of $58.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Concho Resources Inc. stock is 1.80 for the next 12 months. The average price target is 29.12% above its last price level and an upside to the estimated low will see the stock gain 9.41% over that period. But an upside of 46.93% will see the stock hit the forecast high price target while mean target price for the stock is $73.00.
Insiders at the company have transacted a total of 72 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 41 of these insider trades were purchases, accounting for 195,193 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 93,078 shares.
The top 3 mutual fund holders in Concho Resources Inc. are Dodge & Cox Funds – Stock Fund, American Funds AMCAP Fund, and American Funds Investment Company. Dodge & Cox Funds – Stock Fund owns 11.62 million shares of the company’s stock, all valued at over $598.38 million. The company bought an additional 0.15 million shares recently to bring their total holdings to about 5.91% of the shares outstanding. American Funds AMCAP Fund sold -0.87 million shares to see its total holdings shrink to 8.73 million shares valued at over $449.53 million and representing 4.44% of the shares outstanding. American Funds Investment Company sold -2.28 million shares to bring its total holdings to over 7.73 million shares at a value of $398.3 million. American Funds Investment Company now owns shares totaling to 3.93% of the shares outstanding.
Shares of Concho Resources Inc. (NYSE: CXO) opened at $50.15, down -$0.6 from a prior closing price of $50.75. However, the script later closed the day at $52.54, up 3.53%. The company’s stock has a 5-day price change of -1.72% and -7.39% over the past three months. CXO shares are trading -40.00% year to date (YTD), with the 12-month market performance down to -30.84% lower. It has a 12-month low price of $33.13 and touched a high of $99.42 over the same period. Currently, 3.05 million shares have been traded, compared to an average intraday trading volume of 2.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.14%, -4.50%, and -18.24% respectively.
Institutional ownership of Concho Resources Inc. (NYSE: CXO) shares accounts for 91.80% of the company’s 195.33M shares outstanding. Mutual fund holders own 59.45%, while other institutional holders and individual stakeholders account for 7.29% and 31.70% respectively.
It has a market capitalization of $10.30B and a beta (3y monthly) value of 1.84. The earnings-per-share (ttm) stands at -$47.57. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.75% over the week and 3.85% over the month.
Analysts forecast that Concho Resources Inc. (CXO) will achieve an EPS of $0.72 for the current quarter, $0.7 for the next quarter and $1.51 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.66 while analysts give the company a high EPS estimate of $1.73. Comparatively, EPS for the current quarter was $0.61 a year ago. Earnings per share for the fiscal year are expected to decrease by -126.90%, and -38.61% over the next financial year. EPS should grow at an annualized rate of 19.77% over the next five years, compared to -22.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 35 brokerage firm advisors rate Concho Resources Inc. (CXO) as a “Strong Buy” at a consensus score of 1.80. Specifically, 27 Wall Street analysts polled rate the stock as a buy, while 5 of the 35 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CXO, a number of firms have released research notes about the stock. SunTrust stated their Buy rating for the stock in a research note on July 28, 2020, with the firm’s price target at $60-$66. Seaport Global Securities coverage for the Concho Resources Inc. (CXO) stock in a research note released on July 27, 2020 offered a Buy rating with a price target of $70. Raymond James was of a view on July 20, 2020 that the stock is Strong Buy, while BofA/Merrill gave the stock Buy rating on June 22, 2020, issuing a price target of . Mizuho on their part issued Neutral rating on June 19, 2020.