Brokerages Set Concho Resources Inc (CXO) PT at $171.64

Shares of Concho Resources Inc (NYSE:CXO) have earned an average recommendation of “Buy” from the twenty-six analysts that are currently covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a hold recommendation and sixteen have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $173.00.

A number of brokerages have recently weighed in on CXO. Credit Suisse Group upped their price target on shares of Concho Resources from $164.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus set a $196.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, April 24th. ValuEngine raised shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. KeyCorp increased 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. Finally, SunTrust Banks set a $165.00 target price on shares of Concho Resources and gave the company a “hold” rating in a research note on Monday, April 16th.

Shares of NYSE:CXO traded up $0.92 during trading on Tuesday, reaching $136.31. The company had a trading volume of 851,600 shares, compared to its average volume of 1,904,144. The firm has a market cap of $20.62 billion, a P/E ratio of 65.30 and a beta of 0.96. Concho Resources has a twelve month low of $106.73 and a twelve month high of $163.11. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 0.24.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.19. The company had revenue of $947.00 million during the quarter, compared to analyst estimates of $808.60 million. Concho Resources had a net margin of 39.06% and a return on equity of 4.34%. The business’s revenue for the quarter was up 54.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 EPS. equities research analysts forecast that Concho Resources will post 4.41 EPS for the current year.

Several large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. lifted its position in shares of Concho Resources by 19.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,348 shares of the oil and natural gas company’s stock valued at $353,000 after acquiring an additional 386 shares in the last quarter. Kingfisher Capital LLC lifted its position in shares of Concho Resources by 6.0% in the 1st quarter. Kingfisher Capital LLC now owns 6,940 shares of the oil and natural gas company’s stock valued at $1,043,000 after acquiring an additional 392 shares in the last quarter. IFM Investors Pty Ltd lifted its position in shares of Concho Resources by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 4,845 shares of the oil and natural gas company’s stock valued at $728,000 after acquiring an additional 414 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Concho Resources by 13.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,155 shares of the oil and natural gas company’s stock valued at $625,000 after acquiring an additional 481 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its position in shares of Concho Resources by 14.5% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 3,950 shares of the oil and natural gas company’s stock valued at $594,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 97.14% of the company’s stock.

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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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