Bank of America upgraded shares of Concho Resources (NYSE:CXO) from a neutral rating to a buy rating in a report issued on Thursday, January 4th, Marketbeat.com reports. The brokerage currently has $190.00 target price on the oil and natural gas company’s stock.
Several other brokerages have also recently issued reports on CXO. Barclays upped their price objective on Concho Resources from $124.00 to $144.00 and gave the company an overweight rating in a research note on Wednesday, October 11th. Zacks Investment Research cut Concho Resources from a buy rating to a hold rating in a research note on Wednesday, December 6th. Piper Jaffray Companies cut their price objective on Concho Resources from $167.00 to $142.00 and set an overweight rating on the stock in a research note on Monday, September 18th. KLR Group cut Concho Resources from a buy rating to a hold rating and set a $154.00 price target on the stock. in a research report on Thursday, December 21st. Finally, ValuEngine upgraded Concho Resources from a sell rating to a hold rating in a research report on Wednesday, September 13th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Concho Resources has an average rating of Buy and an average target price of $156.37.
Concho Resources (NYSE CXO) opened at $154.51 on Thursday. The company has a market capitalization of $22,980.00, a PE ratio of 40.66 and a beta of 1.08. Concho Resources has a 1-year low of $106.73 and a 1-year high of $156.77. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.19. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The firm had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. During the same quarter in the prior year, the business posted $0.32 earnings per share. Concho Resources’s revenue for the quarter was up 45.8% on a year-over-year basis. equities analysts forecast that Concho Resources will post 1.86 EPS for the current fiscal year.
In other Concho Resources news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the transaction, the director now directly owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.99% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CXO. Pacer Advisors Inc. boosted its position in shares of Concho Resources by 8.6% in the second quarter. Pacer Advisors Inc. now owns 2,570 shares of the oil and natural gas company’s stock worth $312,000 after buying an additional 203 shares during the period. IndexIQ Advisors LLC acquired a new stake in shares of Concho Resources in the second quarter worth $312,000. Oppenheimer & Co. Inc. boosted its position in shares of Concho Resources by 1.0% in the second quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock worth $426,000 after buying an additional 35 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Concho Resources by 37.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,854 shares of the oil and natural gas company’s stock worth $226,000 after buying an additional 501 shares during the period. Finally, Synovus Financial Corp boosted its position in shares of Concho Resources by 9.3% in the second quarter. Synovus Financial Corp now owns 2,581 shares of the oil and natural gas company’s stock worth $313,000 after buying an additional 219 shares during the period. 94.47% of the stock is owned by institutional investors and hedge funds.
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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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