Shares of Concho Resources Inc. (NYSE:CXO) have received a consensus recommendation of “Buy” from the twenty-two research firms that are covering the company, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $149.47.
CXO has been the subject of several research analyst reports. Royal Bank Of Canada set a $158.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Thursday, August 24th. Citigroup Inc. reduced their price target on shares of Concho Resources from $168.00 to $166.00 and set a “buy” rating for the company in a research report on Thursday, July 13th. Barclays PLC upped their price target on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Jefferies Group LLC restated a “hold” rating and set a $109.00 price target (down previously from $130.00) on shares of Concho Resources in a research report on Tuesday, August 29th. Finally, BMO Capital Markets restated a “buy” rating and set a $180.00 price target on shares of Concho Resources in a research report on Thursday, June 22nd.
In related news, VP E Joseph Wright sold 16,696 shares of the 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 completion of the transaction, the vice president now owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.99% of the company’s stock.
Several large investors have recently bought and sold shares of CXO. Israel Discount Bank of New York boosted its position in shares of Concho Resources by 32.0% during the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after purchasing an additional 200 shares during the period. Exane Derivatives boosted its position in shares of Concho Resources by 247.2% during the 2nd quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after purchasing an additional 739 shares during the period. NN Investment Partners Holdings N.V. boosted its position in shares of Concho Resources by 22.5% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after purchasing an additional 200 shares during the period. Sun Life Financial INC boosted its position in shares of Concho Resources by 10,850.0% during the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after purchasing an additional 1,085 shares during the period. Finally, Twin Tree Management LP purchased a new position in shares of Concho Resources during the 2nd quarter worth approximately $137,000. 92.35% of the stock is owned by hedge funds and other institutional investors.
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Concho Resources (NYSE CXO) opened at 133.06 on Thursday. The stock has a market capitalization of $19.63 billion, a P/E ratio of 30.88 and a beta of 1.14. The company’s 50-day moving average price is $126.06 and its 200 day moving average price is $124.41. Concho Resources has a 52-week low of $106.73 and a 52-week high of $147.55.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. During the same period in the prior year, the company posted $0.26 EPS. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. On average, equities research analysts predict that Concho Resources will post $1.61 earnings per share for the current fiscal year.
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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