Concho Resources Inc (NYSE:CXO) – Stock analysts at Capital One Financial increased their FY2018 earnings per share (EPS) estimates for Concho Resources in a note issued to investors on Thursday, November 1st. Capital One Financial analyst R. Tullis now forecasts that the oil and natural gas company will post earnings of $4.87 per share for the year, up from their prior forecast of $4.57. Capital One Financial also issued estimates for Concho Resources’ FY2019 earnings at $5.87 EPS.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. 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 earned $0.45 EPS.
Several other research analysts have also weighed in on CXO. Susquehanna Bancshares started coverage on shares of Concho Resources in a report on Wednesday, July 11th. They set a “positive” rating and a $175.00 price objective for the company. Royal Bank of Canada reissued a “buy” rating and set a $200.00 price objective on shares of Concho Resources in a report on Friday, July 13th. ValuEngine raised shares of Concho Resources from a “hold” rating to a “buy” rating in a report on Monday, July 16th. Goldman Sachs Group raised shares of Concho Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, July 18th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $220.00 price objective on shares of Concho Resources in a report on Friday, July 20th. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $180.92.
Shares of CXO stock opened at $141.96 on Monday. The firm has a market cap of $28.25 billion, a price-to-earnings 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 has a 1-year low of $123.63 and a 1-year high of $163.11.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. lifted its position in Concho Resources by 0.7% in the 2nd quarter. BlackRock Inc. now owns 9,970,974 shares of the oil and natural gas company’s stock valued at $1,379,481,000 after purchasing an additional 68,905 shares during the last quarter. FMR LLC lifted its position in Concho Resources by 16.2% in the 2nd 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. lifted its position in Concho Resources by 31.7% in the 3rd 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. Artisan Partners Limited Partnership lifted its position in Concho Resources by 3.6% in the 2nd quarter. Artisan Partners Limited Partnership now owns 1,956,336 shares of the oil and natural gas company’s stock valued at $270,659,000 after purchasing an additional 68,178 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Concho Resources by 7.8% in the 2nd quarter. Northern Trust Corp now owns 1,886,454 shares of the oil and natural gas company’s stock valued at $260,990,000 after purchasing an additional 135,960 shares during the last quarter. Hedge funds and other institutional investors own 77.84% of the company’s stock.
In related news, SVP Erick Nelson sold 11,000 shares of Concho Resources stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the sale, the senior vice president now directly owns 51,058 shares in the company, valued at approximately $6,840,750.84. The sale was disclosed in a legal filing 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 dated Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the sale, 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. Insiders sold a total of 17,500 shares of company stock valued at $2,376,320 over the last ninety days. Company insiders own 1.10% 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.
Recommended Story: What are the economic characteristics of a bear market?
Receive News & Ratings for Concho Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Concho Resources and related companies with MarketBeat.com's FREE daily email newsletter.