Piper Jaffray Companies reaffirmed their buy rating on shares of Concho Resources (NYSE:CXO) in a research report released on Tuesday. The firm currently has a $170.00 target price on the oil and natural gas company’s stock.
A number of other equities research analysts have also recently issued reports on CXO. Royal Bank of Canada restated a buy rating and set a $158.00 price target on shares of Concho Resources in a report on Friday, September 29th. Zacks Investment Research upgraded shares of Concho Resources from a hold rating to a buy rating and set a $157.00 price target for the company in a report on Thursday, December 21st. Stifel Nicolaus set a $185.00 price target on shares of Concho Resources and gave the company a buy rating in a report on Thursday, October 5th. Bank of America upgraded shares of Concho Resources from a neutral rating to a buy rating and set a $190.00 price target for the company in a report on Thursday, January 4th. Finally, Barclays upped their price target on shares of Concho Resources from $144.00 to $156.00 and gave the company an overweight rating in a report on Monday, November 20th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Concho Resources currently has an average rating of Buy and an average price target of $156.37.
Concho Resources (NYSE CXO) traded up $1.24 during mid-day trading on Tuesday, reaching $159.09. 879,485 shares of the company’s stock were exchanged, compared to its average volume of 1,050,000. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. Concho Resources has a one year low of $106.73 and a one year high of $159.52. The company has a market capitalization of $23,660.00, a PE ratio of 41.87 and a beta of 1.08.
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 (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The company had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. During the same period in the prior year, the company earned $0.32 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. equities analysts forecast 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 company’s stock in a transaction dated Tuesday, January 2nd. The shares were 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 owns 24,799 shares of the company’s stock, valued at $3,741,425.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.99% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank raised its position in shares of Concho Resources by 12.4% during the third quarter. Toronto Dominion Bank now owns 56,398 shares of the oil and natural gas company’s stock valued at $7,428,000 after buying an additional 6,206 shares during the last quarter. Nordea Investment Management AB raised its position in Concho Resources by 33.6% in the second quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock worth $968,000 after purchasing an additional 2,003 shares in the last quarter. Texas Capital Bancshares Inc. TX raised its position in Concho Resources by 5.5% in the third quarter. Texas Capital Bancshares Inc. TX now owns 7,274 shares of the oil and natural gas company’s stock worth $958,000 after purchasing an additional 380 shares in the last quarter. Asset Management One Co. Ltd. raised its position in Concho Resources by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 241,786 shares of the oil and natural gas company’s stock worth $31,851,000 after purchasing an additional 1,440 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Concho Resources by 11.3% in the third quarter. Ameriprise Financial Inc. now owns 361,781 shares of the oil and natural gas company’s stock worth $47,654,000 after purchasing an additional 36,662 shares in the last quarter. 94.47% of the stock is owned by institutional investors and hedge funds.
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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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