Concho Resources (NYSE:CXO) has been assigned a $167.00 price objective by analysts at Royal Bank of Canada in a research report issued on Wednesday, December 20th. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 4.97% from the company’s current price.
CXO has been the subject of a number of other reports. Jefferies Group set a $173.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Wednesday, December 20th. Stifel Nicolaus set a $185.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, October 5th. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Friday, December 15th. Barclays raised their price target on Concho Resources from $144.00 to $156.00 and gave the stock an “overweight” rating in a research report on Monday, November 20th. Finally, Morgan Stanley raised their price target on Concho Resources from $152.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $156.37.
Concho Resources (NYSE:CXO) traded up $1.24 during midday trading on Wednesday, reaching $159.09. The company had a trading volume of 879,485 shares, compared to its average volume of 1,050,000. The firm has a market cap of $23,660.00, a PE ratio of 41.87 and a beta of 1.08. Concho Resources has a 12 month low of $106.73 and a 12 month high of $159.52. 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 announced its 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. 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 business’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 earnings per share. equities analysts anticipate that Concho Resources will post 1.86 EPS for the current fiscal year.
In related news, Director Ray M. Poage sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the transaction, the director now owns 24,799 shares of the company’s stock, valued at $3,741,425.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.99% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Concho Resources by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after acquiring an additional 454,428 shares during the period. Capital World Investors lifted its position in shares of Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock valued at $1,311,613,000 after acquiring an additional 1,034,000 shares during the period. State Street Corp lifted its position in shares of Concho Resources by 0.3% during the 2nd quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock valued at $959,272,000 after acquiring an additional 20,760 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Concho Resources by 30.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock valued at $825,288,000 after acquiring an additional 1,599,084 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its position in shares of Concho Resources by 5.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 4,085,360 shares of the oil and natural gas company’s stock valued at $496,494,000 after acquiring an additional 195,820 shares during the period. 94.47% of the stock is currently owned by institutional investors.
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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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