Derivatives of (nitro)cobalt picket fence porphyrin with oxygen-donating ligands have been prepared in solution and in the solid state. Crystal structures of two of these derivatives, (H2O)CoTpivPP(NO2) and (CH3OH)CoTpivPP(NO2), have been determined. The ethanol complex (C2H5OH)Co(TPP)(NO2) has been obtained and spectrally characterized using sublimed layers methodology. The formation constant and the Delta H degrees value of the association reaction with ethanol have been determined by FIR measurements in CCl4 solution. Catalytic oxygen activation and oxo-transfer reactions of these derivatives have been assessed in solution. Correlations between the oxo-transfer reactivity, thermodynamics, and characteristics of the nitro ligand show that although calculated and observed ONO vibrational spectra and bond lengths suggest activation of the NO2 ligand and enhanced oxo-transfer reactions as seen in the analogous five-coordinate complexes, density functional theory calculations support that thermodynamics limits oxo-atom transfer reactions in these six-coordinate systems.