Concho Resources (NYSE:CXO)‘s stock had its “buy” rating reaffirmed by Stephens in a research report issued to clients and investors on Thursday, March 15th. They presently have a $205.00 price target on the oil and natural gas company’s stock. Stephens’ target price points to a potential upside of 53.41% from the stock’s current price.
Other equities analysts also recently issued research reports about the stock. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b-” rating in a report on Tuesday, February 20th. Scotiabank set a $145.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, November 25th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $155.00 price target on the stock in a report on Friday, December 15th. Royal Bank of Canada set a $167.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Jefferies Group set a $173.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Eight research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $171.19.
Shares of CXO traded down $6.02 during mid-day trading on Thursday, hitting $133.63. 3,024,280 shares of the company traded hands, compared to its average volume of 2,322,726. Concho Resources has a 1-year low of $106.73 and a 1-year high of $162.91. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30. The company has a market cap of $20,817.33, a P/E ratio of 63.94 and a beta of 0.97.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The company had revenue of $780.00 million for the quarter, compared to the consensus estimate of $720.51 million. During the same quarter in the prior year, the company earned $0.20 EPS. Concho Resources’s quarterly revenue was up 48.6% on a year-over-year basis. research analysts anticipate that Concho Resources will post 3.74 EPS for the current fiscal year.
In other Concho Resources news, VP E Joseph Wright sold 83,759 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total value of $12,418,946.93. Following the transaction, the vice president now owns 159,268 shares in the company, valued at approximately $23,614,666.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Timothy A. Leach sold 40,000 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total value of $5,925,600.00. Following the completion of the transaction, the chairman now owns 737,837 shares in the company, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. Company insiders own 0.99% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CXO. Jennison Associates LLC lifted its holdings in 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 valued at $931,616,000 after purchasing an additional 561,485 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Concho Resources in the 4th quarter valued at $63,152,000. BlackRock Inc. lifted its holdings in 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 valued at $1,464,638,000 after purchasing an additional 402,681 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Concho Resources by 45.2% in the 3rd 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 in the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in Concho Resources by 3,704.2% in the 4th 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 in the last quarter. Institutional investors own 95.70% of the company’s stock.
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Concho Resources Company Profile
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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