Concho Resources Inc (NYSE:CXO) – Research analysts at Piper Jaffray Companies increased their Q2 2019 EPS estimates for Concho Resources in a report issued on Tuesday, October 30th. Piper Jaffray Companies analyst R. Todd now anticipates that the oil and natural gas company will earn $1.68 per share for the quarter, up from their prior estimate of $1.54. Piper Jaffray Companies currently has a “Buy” rating and a $209.00 target price on the stock. Piper Jaffray Companies also issued estimates for Concho Resources’ Q3 2019 earnings at $2.16 EPS, FY2019 earnings at $7.78 EPS, Q1 2020 earnings at $3.37 EPS, Q2 2020 earnings at $3.36 EPS, Q3 2020 earnings at $3.49 EPS and FY2020 earnings at $13.86 EPS.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.15 by $0.27. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the business posted $0.45 earnings per share. The company’s quarterly revenue was up 90.1% on a year-over-year basis.
Several other research analysts have also commented on CXO. 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 restated a “buy” rating and set a $200.00 price target on shares of Concho Resources in a research report on Friday, July 13th. ValuEngine upgraded Concho Resources from a “hold” rating to a “buy” rating in a research report on Monday, July 16th. Goldman Sachs Group upgraded Concho Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 18th. Finally, Williams Capital restated a “buy” rating and set a $189.00 price target on shares of Concho Resources in a research report on Monday, July 23rd. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Concho Resources has an average rating of “Buy” and an average target price of $181.08.
CXO opened at $141.05 on Thursday. Concho Resources has a 52 week low of $123.63 and a 52 week high of $163.11. The firm has a market cap of $27.85 billion, a PE ratio of 67.49 and a beta of 1.00. The company has a quick ratio of 0.75, a current ratio of 0.55 and a debt-to-equity ratio of 0.24.
Large investors have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new position in Concho Resources in the second quarter valued at $166,000. Cerebellum GP LLC acquired a new stake in Concho Resources in the third quarter valued at $188,000. Summit X LLC acquired a new stake in Concho Resources in the second quarter valued at $203,000. KC Investment Advisors LLC acquired a new stake in Concho Resources in the second quarter valued at $204,000. Finally, IFP Advisors Inc raised its stake in Concho Resources by 85.6% in the third quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock valued at $221,000 after buying an additional 666 shares in the last quarter. Hedge funds and other institutional investors own 77.59% of the company’s stock.
In related news, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of 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 Concho Resources 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 completion of the transaction, the senior vice president now owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,500 shares of company stock valued at $2,376,320. 1.10% of the stock is currently owned by company insiders.
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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