Concho Resources (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, December 21st. The brokerage presently has a $157.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price target points to a potential downside of 1.31% from the stock’s current price.
According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained 4.7% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which lost 0.3% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
Several other analysts have also issued reports on the stock. KLR Group lowered shares of 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. Royal Bank of Canada set a $167.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Jefferies Group set a $173.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Credit Suisse Group began coverage on shares of Concho Resources in a research report on Monday, December 11th. They set a “neutral” rating and a $136.00 price target on the stock. Finally, Scotiabank set a $145.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Saturday, November 25th. 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 an average target price of $156.37.
Shares of Concho Resources (CXO) opened at $159.09 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. The company has a market cap of $23,656.05, a price-to-earnings ratio of 42.31 and a beta of 1.08. Concho Resources has a 1 year low of $106.73 and a 1 year high of $159.52.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping 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 business had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. research analysts forecast that Concho Resources will post 1.86 EPS for the current year.
In other news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total value of $603,480.00. Following the transaction, the director now directly owns 24,799 shares of the company’s stock, valued at $3,741,425.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.99% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of CXO. Israel Discount Bank of New York grew its stake in shares of Concho Resources by 32.0% in the second 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 acquiring an additional 200 shares in the last quarter. Sun Life Financial INC grew its stake in shares of Concho Resources by 10,850.0% in the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after acquiring an additional 1,085 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Concho Resources in the second quarter valued at about $137,000. C M Bidwell & Associates Ltd. grew its stake in shares of Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after acquiring an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc acquired a new position in shares of Concho Resources in the third quarter valued at about $206,000. 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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