Morgan Stanley Trims Concho Resources (CXO) Target Price to $169.00

Concho Resources (NYSE:CXO) had its price target reduced by investment analysts at Morgan Stanley from $178.00 to $169.00 in a report issued on Monday. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. Morgan Stanley’s target price suggests a potential upside of 19.05% from the company’s current price.

Other analysts have also recently issued reports about the company. TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $208.00 price objective on shares of Concho Resources in a research report on Thursday, August 30th. KLR Group raised Concho Resources from a “hold” rating to a “buy” rating and raised their price objective for the company from $166.00 to $178.00 in a research report on Tuesday, July 24th. Williams Capital reaffirmed a “buy” rating and issued a $189.00 price objective on shares of Concho Resources in a research report on Monday, July 23rd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Concho Resources in a research report on Friday, July 20th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and a consensus target price of $181.00.

CXO opened at $141.96 on Monday. Concho Resources has a 12-month low of $123.63 and a 12-month high of $163.11. The company has a market capitalization of $28.25 billion, a PE ratio of 67.92 and a beta of 1.00. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24.

Concho Resources (NYSE:CXO) last released its quarterly earnings data 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. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the firm posted $0.45 earnings per share. The business’s revenue was up 90.1% on a year-over-year basis. As a group, equities research analysts anticipate that Concho Resources will post 4.82 earnings per share for the current fiscal year.

In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the transaction, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the transaction, the senior vice president now owns 51,058 shares in the company, valued at approximately $6,840,750.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,500 shares of company stock worth $2,376,320. Corporate insiders own 1.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Crown Advisors Management Inc. bought a new position in Concho Resources during the 3rd quarter worth $1,528,000. Skandinaviska Enskilda Banken AB publ increased its stake in Concho Resources by 19.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 27,700 shares of the oil and natural gas company’s stock worth $4,231,000 after acquiring an additional 4,500 shares during the period. Park Avenue Securities LLC increased its stake in Concho Resources by 56.5% during the 3rd quarter. Park Avenue Securities LLC now owns 2,414 shares of the oil and natural gas company’s stock worth $371,000 after acquiring an additional 872 shares during the period. Janney Montgomery Scott LLC increased its stake in Concho Resources by 187.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 6,848 shares of the oil and natural gas company’s stock worth $1,046,000 after acquiring an additional 4,466 shares during the period. Finally, Gulf International Bank UK Ltd increased its stake in Concho Resources by 42.5% during the 3rd quarter. Gulf International Bank UK Ltd now owns 65,702 shares of the oil and natural gas company’s stock worth $10,035,000 after acquiring an additional 19,594 shares during the period. Hedge funds and other institutional investors own 77.84% of the company’s stock.

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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