Wall Street analysts forecast that Concho Resources (NYSE:CXO) will announce earnings of $0.82 per share for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Concho Resources’ earnings. The highest EPS estimate is $1.17 and the lowest is $0.67. Concho Resources reported earnings per share of $0.49 during the same quarter last year, which would suggest a positive year over year growth rate of 67.3%. The firm is scheduled to report its next earnings report after the market closes on Tuesday, May 1st.
According to Zacks, analysts expect that Concho Resources will report full-year earnings of $3.73 per share for the current year, with EPS estimates ranging from $3.28 to $4.39. For the next financial year, analysts forecast that the firm will post earnings of $5.29 per share, with EPS estimates ranging from $3.84 to $6.23. Zacks’ EPS averages are an average based on a survey of analysts that cover Concho Resources.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, beating the 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 firm had revenue of $780.00 million during the quarter, compared to analysts’ expectations of $720.51 million. During the same period in the previous year, the company earned $0.20 earnings per share. The firm’s quarterly revenue was up 48.6% on a year-over-year basis.
Several research analysts have recently weighed in on CXO shares. TheStreet raised shares of Concho Resources from a “c+” rating to a “b-” rating in a report on Tuesday, February 20th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $157.00 price objective for the company in a report on Thursday, December 21st. Royal Bank of Canada set a $167.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. Jefferies Group set a $173.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $200.00 target price on shares of Concho Resources in a report on Sunday, January 14th. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Concho Resources currently has a consensus rating of “Buy” and an average price target of $171.24.
In related news, Chairman Timothy A. Leach sold 40,000 shares of the company’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 transaction, the chairman now owns 737,837 shares in the company, valued at $109,303,173.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP E Joseph Wright sold 83,759 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the transaction, the vice president now 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. Corporate insiders own 1.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its position in shares of Concho Resources by 325.2% during the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after acquiring an additional 696 shares during the last quarter. ING Groep NV bought a new position in shares of Concho Resources during the fourth quarter worth $201,000. Park Avenue Securities LLC bought a new position in shares of Concho Resources during the fourth quarter worth $208,000. Greylin Investment Mangement Inc. bought a new position in shares of Concho Resources during the fourth quarter worth $225,000. Finally, Harbor Advisors LLC bought a new position in shares of Concho Resources during the fourth quarter worth $225,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.
Shares of CXO traded up $2.28 during mid-day trading on Wednesday, hitting $153.30. 1,973,528 shares of the company traded hands, compared to its average volume of 1,729,574. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30. Concho Resources has a 1 year low of $106.73 and a 1 year high of $162.91. The stock has a market capitalization of $22,512.23, a price-to-earnings ratio of 73.40 and a beta of 0.97.
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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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