Sanford C. Bernstein upgraded shares of Concho Resources (NYSE:CXO) from a market perform rating to an outperform rating in a research note released on Thursday, MarketBeat Ratings reports. Sanford C. Bernstein currently has $181.00 price target on the oil and natural gas company’s stock.
Several other equities analysts also recently weighed in on CXO. TD Securities initiated coverage on Concho Resources in a research report on Thursday, July 5th. They set a hold rating and a $150.00 price target for the company. SunTrust Banks dropped their price target on Concho Resources to $155.00 and set a hold rating for the company in a research report on Thursday, July 5th. Susquehanna Bancshares initiated coverage on Concho Resources in a research report on Wednesday, July 11th. They set a positive rating and a $175.00 price target for the company. Royal Bank of Canada reissued a buy rating and set a $200.00 price target on shares of Concho Resources in a research report on Friday, July 13th. Finally, ValuEngine raised Concho Resources from a hold rating to a buy rating in a research report on Monday, July 16th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average price target of $181.08.
Concho Resources stock traded down $2.60 during mid-day trading on Thursday, hitting $141.05. 1,918,628 shares of the company were exchanged, compared to its average volume of 1,968,010. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76. The company has a market capitalization of $27.19 billion, a price-to-earnings ratio of 67.49 and a beta of 0.95. Concho Resources has a 12-month low of $123.63 and a 12-month 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 for the quarter, topping the consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a return on equity of 7.37% and a net margin of 26.92%. Concho Resources’s revenue was up 90.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. On average, analysts forecast that Concho Resources will post 4.53 EPS for the current fiscal year.
In other news, Director Mark B. Puckett purchased 2,000 shares of the stock in a transaction on Monday, August 6th. The stock was purchased at an average price of $134.39 per share, with a total value of $268,780.00. Following the completion of the transaction, the director now owns 28,535 shares in the company, valued at $3,834,818.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Lee Price Moncrief sold 4,000 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were 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 approximately $2,264,752.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,500 shares of company stock valued at $2,376,320. Company insiders own 1.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CXO. Millennium Management LLC purchased a new stake in Concho Resources during the second quarter valued at about $166,582,000. FMR LLC grew its position in Concho Resources by 16.2% during the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock valued at $662,804,000 after acquiring an additional 668,035 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its position in Concho Resources by 16,439.1% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock valued at $54,413,000 after acquiring an additional 390,921 shares during the period. Strs Ohio grew its position in Concho Resources by 2,550.7% during the second quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock valued at $40,523,000 after acquiring an additional 281,855 shares during the period. Finally, Voya Investment Management LLC grew its position in Concho Resources by 28.3% during the second quarter. Voya Investment Management LLC now owns 1,203,505 shares of the oil and natural gas company’s stock valued at $166,505,000 after acquiring an additional 265,730 shares during the period. 77.59% of the stock is owned by hedge funds and other 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.
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