Concho Resources Inc (NYSE:CXO) – Equities researchers at Jefferies Group cut their Q2 2018 EPS estimates for Concho Resources in a research note issued to investors on Monday. Jefferies Group analyst M. Lear now anticipates that the oil and natural gas company will post earnings of $0.96 per share for the quarter, down from their prior forecast of $0.97. Jefferies Group has a “Buy” rating and a $187.00 price objective on the stock. Jefferies Group also issued estimates for Concho Resources’ Q3 2018 earnings at $1.11 EPS, Q4 2018 earnings at $1.17 EPS, FY2018 earnings at $4.16 EPS, Q1 2019 earnings at $1.16 EPS, Q2 2019 earnings at $1.22 EPS, Q3 2019 earnings at $1.31 EPS, Q4 2019 earnings at $1.42 EPS and FY2019 earnings at $5.11 EPS.
CXO has been the subject of a number of other reports. Deutsche Bank assumed coverage on Concho Resources in a research note on Thursday, February 1st. They set a “hold” rating and a $171.00 target price for the company. SunTrust Banks cut Concho Resources from a “buy” rating to a “hold” rating and set a $180.00 target price for the company. in a research note on Tuesday, February 6th. They noted that the move was a valuation call. Zacks Investment Research raised 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. KLR Group downgraded Concho Resources to a “hold” rating and set a $154.00 price target for the company. in a research report on Wednesday, December 27th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $170.00 price target on shares of Concho Resources in a research report on Tuesday, January 9th. Eight investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $170.90.
Shares of CXO stock opened at $148.64 on Wednesday. Concho Resources has a 52 week low of $106.73 and a 52 week high of $162.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.51. The stock has a market capitalization of $21,814.60, a P/E ratio of 69.03, a P/E/G ratio of 0.86 and a beta of 1.01.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.20. Concho Resources had a return on equity of 3.61% and a net margin of 36.97%. The business had revenue of $780.00 million during the quarter, compared to analysts’ expectations of $720.51 million. During the same period in the prior year, the business earned $0.20 EPS. Concho Resources’s revenue for the quarter was up 48.6% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. boosted its holdings in shares of Concho Resources by 325.2% in the 4th quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock valued at $137,000 after buying an additional 696 shares during the last quarter. ING Groep NV bought a new stake in Concho Resources in the 4th quarter valued at $201,000. Park Avenue Securities LLC bought a new stake in Concho Resources in the 4th quarter valued at $208,000. Greylin Investment Mangement Inc. bought a new stake in Concho Resources in the 4th quarter valued at $225,000. Finally, Harbor Advisors LLC bought a new stake in Concho Resources in the 4th quarter valued at $225,000. 95.70% of the stock is owned by institutional investors.
In other news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP E Joseph Wright sold 83,759 shares of the stock in a transaction that occurred on 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 completion of the sale, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The disclosure for this sale can be found here. In the last three months, insiders sold 127,759 shares of company stock valued at $18,948,027. 0.99% of the stock is currently owned by insiders.
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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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