Morgan Stanley reaffirmed their hold rating on shares of Concho Resources (NYSE:CXO) in a research report report published on Friday. They currently have a $178.00 target price on the oil and natural gas company’s stock, up from their prior target price of $163.00.
Other analysts have also recently issued reports about the stock. Williams Capital began coverage on shares of Concho Resources in a research note on Monday, June 18th. They set a buy rating and a $178.00 price objective for the company. Stifel Nicolaus reaffirmed a buy rating and set a $208.00 price target on shares of Concho Resources in a research report on Thursday, August 30th. Susquehanna Bancshares initiated coverage on shares of Concho Resources in a research report on Wednesday, July 11th. They set a positive rating and a $175.00 price target for the company. Zacks Investment Research cut shares of Concho Resources from a strong-buy rating to a hold rating in a research report on Tuesday, July 3rd. Finally, ValuEngine raised shares of Concho Resources from a hold rating to a buy rating in a research report on Monday, July 16th. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The company has an average rating of Buy and a consensus price target of $176.57.
Shares of NYSE CXO traded down $0.13 during trading on Friday, hitting $150.43. 1,771,157 shares of the company traded hands, compared to its average volume of 1,980,827. Concho Resources has a 1 year low of $123.63 and a 1 year high of $163.11. The stock has a market capitalization of $30.59 billion, a PE ratio of 71.98 and a beta of 0.94. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.32. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The company had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. During the same period in the previous year, the company earned $0.52 EPS. The business’s quarterly revenue was up 66.7% compared to the same quarter last year. Equities research analysts expect that Concho Resources will post 4.71 EPS for the current fiscal year.
In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the transaction, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark B. Puckett acquired 2,000 shares of the business’s stock in a transaction on Monday, August 6th. The stock was purchased at an average price of $134.39 per share, for a total transaction of $268,780.00. Following the acquisition, the director now directly owns 28,535 shares in the company, valued at $3,834,818.65. The disclosure for this purchase can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 in the last quarter. 1.10% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its position in shares of Concho Resources by 0.7% during the 2nd quarter. BlackRock Inc. now owns 9,970,974 shares of the oil and natural gas company’s stock valued at $1,379,481,000 after buying an additional 68,905 shares during the last quarter. FMR LLC grew its position in shares of Concho Resources by 16.2% during the 2nd quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock valued at $662,804,000 after buying an additional 668,035 shares during the last quarter. Artisan Partners Limited Partnership grew its position in shares of Concho Resources by 3.6% during the 2nd quarter. Artisan Partners Limited Partnership now owns 1,956,336 shares of the oil and natural gas company’s stock valued at $270,659,000 after buying an additional 68,178 shares during the last quarter. Northern Trust Corp grew its position in shares of Concho Resources by 7.8% during the 2nd quarter. Northern Trust Corp now owns 1,886,454 shares of the oil and natural gas company’s stock valued at $260,990,000 after buying an additional 135,960 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Concho Resources by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 1,675,988 shares of the oil and natural gas company’s stock valued at $231,873,000 after buying an additional 258,371 shares during the last quarter. Hedge funds and other institutional investors own 77.44% of the company’s stock.
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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