Concho Resources Inc (NYSE:CXO) – Equities researchers at Jefferies Financial Group lifted their Q2 2019 EPS estimates for Concho Resources in a note issued to investors on Monday, October 15th. Jefferies Financial Group analyst M. Lear now forecasts that the oil and natural gas company will post earnings per share of $1.45 for the quarter, up from their previous estimate of $1.39. Jefferies Financial Group has a “Buy” rating and a $203.00 price target on the stock. Jefferies Financial Group also issued estimates for Concho Resources’ Q3 2019 earnings at $1.51 EPS and FY2019 earnings at $6.27 EPS.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.32. The firm had revenue of $945.00 million for the quarter, compared to analysts’ expectations of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The company’s quarterly revenue was up 66.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS.
Several other research analysts have also recently weighed in on the company. Morgan Stanley increased their price objective on Concho Resources from $155.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, September 26th. ValuEngine upgraded Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. SunTrust Banks upgraded Concho Resources from a “hold” rating to a “buy” rating and increased their price objective for the stock from $155.00 to $170.00 in a research report on Monday, September 24th. TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a report on Friday, September 28th. Finally, Goldman Sachs Group raised Concho Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, July 18th. Seven investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $177.70.
CXO stock opened at $147.95 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. The firm has a market cap of $30.59 billion, a price-to-earnings ratio of 70.79 and a beta of 0.94. Concho Resources has a fifty-two week low of $123.63 and a fifty-two week high of $163.11.
In related news, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the sale, the senior vice president now directly owns 51,058 shares in the company, valued at $6,840,750.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,500 shares of company stock worth $2,376,320. 1.10% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Oakbrook Investments LLC acquired a new stake in Concho Resources in the third quarter valued at about $1,764,000. Aperio Group LLC boosted its stake in Concho Resources by 35.5% in the third quarter. Aperio Group LLC now owns 68,265 shares of the oil and natural gas company’s stock valued at $10,427,000 after buying an additional 17,869 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Concho Resources by 33.0% in the third quarter. Louisiana State Employees Retirement System now owns 11,700 shares of the oil and natural gas company’s stock valued at $1,787,000 after buying an additional 2,900 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in Concho Resources in the third quarter valued at about $4,089,000. Finally, Nisa Investment Advisors LLC boosted its stake in Concho Resources by 35.9% in the third quarter. Nisa Investment Advisors LLC now owns 40,226 shares of the oil and natural gas company’s stock valued at $6,144,000 after buying an additional 10,626 shares in the last quarter. 77.44% of the stock is currently owned by institutional investors and hedge funds.
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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