Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, October 16th. The firm presently has a $149.00 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.51% from the stock’s previous close.
According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +8% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
Several other equities research analysts have also commented on CXO. Seaport Global Securities lowered Concho Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $163.00 to $100.00 in a research note on Wednesday, June 21st. BidaskClub downgraded shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. BMO Capital Markets reaffirmed a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a report on Thursday, June 22nd. Bank of America Corporation downgraded shares of Concho Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $155.00 to $128.00 in a report on Friday, June 30th. Finally, Scotiabank set a $125.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, July 1st. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Concho Resources currently has an average rating of “Buy” and an average price target of $151.11.
Shares of Concho Resources (NYSE:CXO) opened at 130.12 on Monday. Concho Resources has a 12 month low of $106.73 and a 12 month high of $147.55. The company has a 50-day moving average price of $128.50 and a 200-day moving average price of $124.51. The firm has a market cap of $19.20 billion, a price-to-earnings ratio of 30.20 and a beta of 1.14.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. The firm had revenue of $567.00 million during the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. Concho Resources’s revenue was up 43.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 EPS. Analysts forecast that Concho Resources will post $1.61 earnings per share for the current fiscal year.
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In other news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the transaction, the vice president now directly owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.99% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Concho Resources by 33.6% during the second quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock valued at $968,000 after purchasing an additional 2,003 shares in the last quarter. Capital Advisors Inc. OK bought a new position in shares of Concho Resources during the second quarter valued at approximately $2,093,000. Birinyi Associates Inc. boosted its stake in shares of Concho Resources by 4.3% during the second quarter. Birinyi Associates Inc. now owns 11,000 shares of the oil and natural gas company’s stock valued at $1,337,000 after purchasing an additional 450 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Concho Resources by 1.1% during the second quarter. Wells Fargo & Company MN now owns 2,054,048 shares of the oil and natural gas company’s stock valued at $249,628,000 after purchasing an additional 22,167 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in shares of Concho Resources by 1.7% during the second quarter. Neuberger Berman Group LLC now owns 573,663 shares of the oil and natural gas company’s stock valued at $69,717,000 after purchasing an additional 9,404 shares in the last quarter. Hedge funds and other institutional investors own 92.33% of the company’s stock.
About Concho Resources
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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