Concho Resources (NYSE:CXO) was downgraded by analysts at KLR Group to a “hold” rating in a research report issued to clients and investors on Wednesday, December 27th. They currently have a $154.00 price objective on the oil and natural gas company’s stock. KLR Group’s price objective would suggest a potential downside of 2.45% from the stock’s previous close.
CXO has been the subject of a number of other research reports. Barclays lifted their target price on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. Cowen reiterated a “hold” rating and issued a $145.00 target price on shares of Concho Resources in a report on Sunday, October 22nd. Royal Bank of Canada set a $167.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price target for the company in a research note on Monday, October 16th. Finally, Jefferies Group set a $173.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $156.37.
Concho Resources (NYSE:CXO) opened at $157.86 on Wednesday. The firm has a market capitalization of $23,470.00, a P/E ratio of 41.54 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. Concho Resources has a 1-year low of $106.73 and a 1-year high of $159.52.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.19. The business had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. equities research analysts expect that Concho Resources will post 1.86 earnings per share for the current fiscal year.
In other news, Director Ray M. Poage sold 4,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total value 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.99% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Atlantic Trust Group LLC grew its stake in Concho Resources by 33.2% during the 3rd quarter. Atlantic Trust Group LLC now owns 100,220 shares of the oil and natural gas company’s stock worth $13,202,000 after buying an additional 24,975 shares during the last quarter. AXA grew its stake in Concho Resources by 1.6% during the 3rd quarter. AXA now owns 401,060 shares of the oil and natural gas company’s stock worth $52,828,000 after buying an additional 6,378 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Concho Resources by 5.5% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 78,905 shares of the oil and natural gas company’s stock worth $10,393,000 after buying an additional 4,091 shares during the last quarter. Davis Selected Advisers grew its stake in Concho Resources by 150.1% during the 3rd quarter. Davis Selected Advisers now owns 136,047 shares of the oil and natural gas company’s stock worth $17,923,000 after buying an additional 81,649 shares during the last quarter. Finally, IFM Investors Pty Ltd purchased a new position in Concho Resources during the 3rd quarter worth $584,000. Hedge funds and other institutional investors own 94.47% of the company’s stock.
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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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