Concho Resources Inc. (NYSE:CXO) had its target price lifted by stock analysts at Morgan Stanley from $152.00 to $155.00 in a note issued to investors on Wednesday, October 18th. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 17.10% from the company’s previous close.
Several other research firms have also weighed in on CXO. Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Barclays PLC lowered their price target on Concho Resources from $125.00 to $124.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 8th. BMO Capital Markets reaffirmed a “buy” rating on shares of Concho Resources in a research report on Friday, August 11th. Scotiabank set a $125.00 target price on Concho Resources and gave the stock a “buy” rating in a research note on Saturday, July 1st. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $158.00 target price on shares of Concho Resources in a research note on Friday, September 29th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $151.11.
Concho Resources (NYSE CXO) traded up 1.73% during midday trading on Wednesday, hitting $132.37. 1,918,848 shares of the company traded hands. Concho Resources has a 12-month low of $106.73 and a 12-month high of $147.55. The stock has a 50 day moving average price of $129.40 and a 200-day moving average price of $124.56. The company has a market cap of $19.53 billion, a PE ratio of 30.72 and a beta of 1.14.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. During the same quarter last year, the firm earned $0.26 EPS. Concho Resources’s revenue for the quarter was up 43.2% compared to the same quarter last year. Analysts expect that Concho Resources will post $1.61 EPS for the current year.
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In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total value of $1,917,368.64. Following the sale, the vice president now owns 132,388 shares in the company, valued at approximately $15,203,437.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.99% of the company’s stock.
Several institutional investors have recently made changes to their positions in 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 valued at $100,000 after purchasing an additional 200 shares in the last quarter. 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 valued at $126,000 after purchasing an additional 739 shares in the last quarter. 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 valued at $132,000 after purchasing an additional 200 shares in the last quarter. 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 valued at $133,000 after purchasing an additional 1,085 shares in the last quarter. Finally, Twin Tree Management LP bought a new stake in shares of Concho Resources during the 2nd quarter valued at about $137,000. Institutional investors own 92.33% of the company’s stock.
Concho Resources Company Profile
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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