Concho Resources Inc (CXO) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.26 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.20. Analysts had a consensus of $0.06. The company posted revenue of $396.30 million in the period, compared to analysts expectations of $434.21 million. The company’s revenue was down -26.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS.
Many Wall Street Analysts have commented on Concho Resources Inc. Concho Resources Inc was Upgraded by Morgan Stanley to ” Overweight” on Jun 13, 2016. Concho Resources Inc was Upgraded by Seaport Global Securities to ” Accumulate” on Jun 7, 2016.
Concho Resources Inc opened for trading at $117.87 and hit $124.35 on the upside on Friday, eventually ending the session at $124.2, with a gain of 3.79% or 4.54 points. The heightened volatility saw the trading volume jump to 14,73,844 shares. Company has a market cap of $16,339 M.
In a different news, on Mar 16, 2016, Darin G Holderness (SVP, CFO & Treasurer) sold 16,813 shares at $105.14 per share price. According to the SEC, on Mar 16, 2016, C William Giraud (Exec VP, Chief Comm Off & Sec) sold 10,000 shares at $101.56 per share price. On Mar 16, 2016, Brenda R Schroer (VP and CAO) sold 500 shares at $101.30 per share price, according to the Form-4 filing with the securities and exchange commission.
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 operating areas are located in the Permian Basin region of Southeast New Mexico and West Texas an onshore oil and natural gas basin in the United States. The Company’s three core operating areas include: New Mexico Shelf where the Company primarily targets the Yeso formation with horizontal and vertical development; Delaware Basin where it uses horizontal drilling and technology to target the Bone Spring formation (including the Avalon shale and the Bone Spring sands) and the Wolfcamp shale formation and Texas Permian in the Midland Basin where it targets the Wolfcamp and Spraberry formations with horizontal and vertical development.