Concho Resources Inc (NYSE:CXO) has received an average recommendation of “Buy” from the twenty-nine brokerages that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $181.08.
A number of analysts recently weighed in on the stock. Morgan Stanley increased their price target 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. Jefferies Financial Group set a $203.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, October 5th. SunTrust Banks upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and increased their price target for the company from $155.00 to $170.00 in a research report on Monday, September 24th. ValuEngine upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. Finally, TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th.
In related news, Director Mark B. Puckett bought 2,000 shares of the company’s stock in a transaction on Monday, August 6th. The shares were purchased at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the acquisition, the director now owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total transaction of $1,473,780.00. Following the sale, the senior vice president now owns 51,058 shares in the company, valued at $6,840,750.84. The disclosure for this sale can be found here. Insiders have sold a total of 17,500 shares of company stock worth $2,376,320 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CXO. Millennium Management LLC acquired a new stake in shares of Concho Resources in the second quarter valued at approximately $166,582,000. FMR LLC raised its holdings in shares of Concho Resources by 16.2% in 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 purchasing an additional 668,035 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Concho Resources by 31.7% in the third quarter. American Century Companies Inc. now owns 2,208,094 shares of the oil and natural gas company’s stock valued at $337,286,000 after purchasing an additional 532,106 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Concho Resources by 16,439.1% in 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 purchasing an additional 390,921 shares during the last quarter. Finally, Strs Ohio raised its holdings in shares of Concho Resources by 2,550.7% in 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 purchasing an additional 281,855 shares during the last quarter. Institutional investors own 77.59% of the company’s stock.
Shares of NYSE CXO traded down $2.60 during mid-day trading on Monday, hitting $141.05. The company’s stock had a trading volume of 1,949,382 shares, compared to its average volume of 1,774,049. The company has a quick ratio of 0.75, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. Concho Resources has a one year low of $123.63 and a one year high of $163.11.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. The firm’s revenue for the quarter was up 90.1% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS.
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.
Further Reading: Cash Flow
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