Concho Resources (CXO) Rating Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Concho Resources (NYSE:CXO) from a buy rating to a hold rating in a research report report published on Thursday.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase set a $180.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Tuesday, May 15th. Credit Suisse Group raised their target price on shares of Concho Resources from $164.00 to $168.00 and gave the company a neutral rating in a research note on Wednesday, May 2nd. Stephens set a $217.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Tuesday, April 24th. Stifel Nicolaus set a $196.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Tuesday, April 24th. Finally, KeyCorp raised their target price on shares of Concho Resources from $165.00 to $175.00 and gave the company a buy rating in a research note on Monday, April 23rd. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $172.41.

Concho Resources opened at $153.49 on Thursday, Marketbeat Ratings reports. Concho Resources has a 1-year low of $106.73 and a 1-year high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.65 and a quick ratio of 0.64. The firm has a market capitalization of $23.09 billion, a P/E ratio of 73.44 and a beta of 0.99.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.19. Concho Resources had a net margin of 39.06% and a return on equity of 4.34%. The business had revenue of $947.00 million during the quarter, compared to analysts’ expectations of $808.60 million. During the same period last year, the business earned $0.49 earnings per share. The firm’s revenue was up 54.7% on a year-over-year basis. sell-side analysts anticipate that Concho Resources will post 4.82 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of CXO. Meeder Asset Management Inc. lifted its holdings 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 buying an additional 696 shares in the last quarter. ING Groep NV acquired a new stake in shares of Concho Resources during the fourth quarter worth $201,000. First Allied Advisory Services Inc. acquired a new stake in shares of Concho Resources during the first quarter worth $202,000. Commerce Bank acquired a new stake in shares of Concho Resources during the first quarter worth $205,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of Concho Resources during the fourth quarter worth $208,000. 95.16% of the stock is owned by institutional investors.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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