Concho Resources (NYSE:CXO) has been given a $145.00 target price by equities research analysts at Seaport Global Securities in a research note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. Seaport Global Securities’ price target points to a potential upside of 0.94% from the stock’s current price. Seaport Global Securities also issued estimates for Concho Resources’ Q3 2019 earnings at $1.51 EPS and Q4 2019 earnings at $1.71 EPS.
A number of other research firms have also recently weighed in on CXO. Jefferies Financial Group set a $203.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, October 5th. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Sunday, September 30th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 price objective on the stock in a research report on Tuesday, October 16th. Finally, Morgan Stanley boosted their price objective on shares of Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, September 26th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $181.08.
Concho Resources stock opened at $143.65 on Wednesday. The firm has a market cap of $27.19 billion, a P/E ratio of 68.73 and a beta of 0.95. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. Concho Resources has a 52-week low of $123.63 and a 52-week high of $163.11.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 7.37%. Concho Resources’s revenue was up 90.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, equities research analysts predict that Concho Resources will post 4.53 earnings per share for the current fiscal year.
In other news, Director Steven L. Beal sold 2,500 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the transaction, the director now directly owns 75,548 shares in the company, valued at $10,368,207.52. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the transaction, the senior vice president now owns 16,193 shares in the company, valued at $2,264,752.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,500 shares of company stock worth $2,376,320. Company insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CXO. DnB Asset Management AS grew its holdings in shares of Concho Resources by 6.4% in the second quarter. DnB Asset Management AS now owns 19,855 shares of the oil and natural gas company’s stock worth $2,747,000 after purchasing an additional 1,200 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Concho Resources by 43.4% in the second quarter. IFM Investors Pty Ltd now owns 6,949 shares of the oil and natural gas company’s stock worth $961,000 after purchasing an additional 2,104 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Concho Resources by 43.2% in the second quarter. State of Alaska Department of Revenue now owns 30,976 shares of the oil and natural gas company’s stock worth $4,285,000 after purchasing an additional 9,340 shares during the last quarter. SG Capital Management LLC bought a new position in shares of Concho Resources in the second quarter worth about $2,657,000. Finally, Calamos Advisors LLC grew its holdings in shares of Concho Resources by 110.6% in the second quarter. Calamos Advisors LLC now owns 54,405 shares of the oil and natural gas company’s stock worth $7,527,000 after purchasing an additional 28,574 shares during the last quarter. Hedge funds and other institutional investors own 77.59% 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.
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