TheStreet upgraded shares of Concho Resources (NYSE:CXO) from a c+ rating to a b- rating in a research note released on Tuesday.
A number of other equities analysts also recently issued reports on CXO. Sanford C. Bernstein assumed coverage on shares of Concho Resources in a report on Thursday, February 1st. They set an outperform rating and a $187.00 price objective on the stock. Morgan Stanley lifted their price objective on shares of Concho Resources from $155.00 to $183.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Deutsche Bank assumed coverage on shares of Concho Resources in a report on Thursday, February 1st. They set a hold rating and a $171.00 price objective on the stock. SunTrust Banks downgraded shares of Concho Resources from a buy rating to a hold rating and set a $180.00 price objective on the stock. in a report on Tuesday, February 6th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Concho Resources from a hold rating to a buy rating and set a $160.00 price objective on the stock in a report on Monday, November 6th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $168.55.
Shares of Concho Resources (NYSE CXO) opened at $149.16 on Tuesday. The company has a market cap of $21,880.62, a price-to-earnings ratio of 23.27 and a beta of 1.00. 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 one year low of $106.73 and a one year high of $162.91.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.20. The business had revenue of $780.00 million during the quarter, compared to analyst estimates of $720.51 million. Concho Resources had a net margin of 36.97% and a return on equity of 3.64%. Concho Resources’s quarterly revenue was up 48.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. equities research analysts forecast that Concho Resources will post 3.24 earnings per share for the current fiscal year.
In related news, VP E Joseph Wright sold 83,759 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total value of $12,418,946.93. Following the transaction, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ray M. Poage sold 4,000 shares of the business’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 completion of the transaction, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The disclosure for this sale can be found here. Insiders sold a total of 127,759 shares of company stock worth $18,948,027 over the last three months. 0.99% of the stock is owned by insiders.
Several large investors have recently modified their holdings of CXO. Jennison Associates LLC boosted its holdings in shares of Concho Resources by 10.0% in the 4th quarter. Jennison Associates LLC now owns 6,201,680 shares of the oil and natural gas company’s stock worth $931,616,000 after buying an additional 561,485 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Concho Resources in the 4th quarter worth about $63,152,000. BlackRock Inc. boosted its holdings in shares of Concho Resources by 4.3% in the 4th quarter. BlackRock Inc. now owns 9,749,957 shares of the oil and natural gas company’s stock worth $1,464,638,000 after buying an additional 402,681 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Concho Resources by 45.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,213,337 shares of the oil and natural gas company’s stock valued at $159,823,000 after purchasing an additional 377,438 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in Concho Resources by 3,704.2% during the fourth quarter. OppenheimerFunds Inc. now owns 297,754 shares of the oil and natural gas company’s stock valued at $44,729,000 after purchasing an additional 289,927 shares during the last quarter. 95.03% of the stock is currently owned by institutional investors.
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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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