Concho Resources (NYSE:CXO) – Stock analysts at KeyCorp issued their Q1 2019 earnings estimates for Concho Resources in a report issued on Tuesday, March 13th, Zacks Investment Research reports. KeyCorp analyst D. Deckelbaum anticipates that the oil and natural gas company will post earnings per share of $1.30 for the quarter. KeyCorp currently has a “Buy” rating and a $165.00 target price on the stock. KeyCorp also issued estimates for Concho Resources’ Q2 2019 earnings at $1.45 EPS, Q3 2019 earnings at $1.62 EPS and Q4 2019 earnings at $1.71 EPS.
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, beating analysts’ consensus estimates of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The business had revenue of $780.00 million during the quarter, compared to analyst estimates of $720.51 million. During the same quarter last year, the business posted $0.20 earnings per share. Concho Resources’s revenue for the quarter was up 48.6% compared to the same quarter last year.
A number of other research firms have also commented on CXO. Credit Suisse Group set a $159.00 target price on shares of Concho Resources and gave the stock a “hold” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Monday, January 29th. Jefferies Group set a $185.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, January 30th. Morgan Stanley lifted their target price 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. Finally, 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 target price for the company. Eight analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Concho Resources has an average rating of “Buy” and an average price target of $171.19.
CXO traded down $6.02 during trading on Friday, reaching $133.63. 3,024,280 shares of the company’s stock were exchanged, compared to its average volume of 2,322,726. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.51. Concho Resources has a fifty-two week low of $106.73 and a fifty-two week high of $162.91. The firm has a market capitalization of $19,919.96, a PE ratio of 63.94 and a beta of 0.97.
In related news, VP E Joseph Wright sold 83,759 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Timothy A. Leach sold 40,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the sale, the chairman now directly owns 737,837 shares in the company, valued at $109,303,173.18. The disclosure for this sale can be found here. 0.99% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB lifted its position in Concho Resources by 4.5% in the 3rd quarter. Nordea Investment Management AB now owns 8,324 shares of the oil and natural gas company’s stock valued at $1,096,000 after acquiring an additional 356 shares in the last quarter. Comerica Bank lifted its position in Concho Resources by 0.8% in the 3rd quarter. Comerica Bank now owns 47,166 shares of the oil and natural gas company’s stock valued at $6,264,000 after acquiring an additional 382 shares in the last quarter. Amalgamated Bank lifted its position in Concho Resources by 2.5% in the 3rd quarter. Amalgamated Bank now owns 15,802 shares of the oil and natural gas company’s stock valued at $2,081,000 after acquiring an additional 388 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Concho Resources by 1.9% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 22,573 shares of the oil and natural gas company’s stock valued at $3,444,000 after acquiring an additional 428 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Concho Resources by 4.1% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 12,600 shares of the oil and natural gas company’s stock valued at $1,667,000 after acquiring an additional 500 shares in the last quarter. 95.70% of the stock is currently owned by institutional investors and hedge funds.
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About Concho Resources
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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