Concho Resources (NYSE:CXO) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
A number of other brokerages have also recently commented on CXO. Piper Jaffray Companies restated a “buy” rating and issued a $220.00 price target on shares of Concho Resources in a research report on Friday, July 20th. Williams Capital restated a “buy” rating and issued a $189.00 price target on shares of Concho Resources in a research report on Monday, July 23rd. Susquehanna Bancshares initiated coverage on Concho Resources in a research report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 price target for the company. Morgan Stanley reduced their price target on Concho Resources from $178.00 to $169.00 and set a “hold” rating for the company in a research report on Monday, November 5th. Finally, Seaport Global Securities set a $145.00 price target on Concho Resources and gave the stock a “hold” rating in a research report on Wednesday, October 31st. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $181.00.
Shares of CXO opened at $136.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.53. The stock has a market capitalization of $28.62 billion, a price-to-earnings ratio of 65.32 and a beta of 1.00. Concho Resources has a 52 week low of $123.63 and a 52 week high of $163.11.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The business’s quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.45 earnings per share. As a group, research analysts anticipate that Concho Resources will post 4.87 earnings per share for the current fiscal year.
In other Concho Resources news, 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 completion of the transaction, the senior vice president now owns 51,058 shares in the company, valued at approximately $6,840,750.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now 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. Insiders have sold 17,500 shares of company stock valued at $2,376,320 in the last quarter. 1.10% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CXO. BlackRock Inc. grew its holdings in Concho Resources by 33.2% during the 3rd quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock valued at $2,029,458,000 after buying an additional 3,315,173 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Concho Resources by 38.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after buying an additional 1,377,981 shares in the last quarter. Millennium Management LLC purchased a new position in Concho Resources during the 2nd quarter valued at approximately $166,582,000. FMR LLC grew its holdings in Concho Resources by 16.2% during 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 buying an additional 668,035 shares in the last quarter. Finally, FIL Ltd grew its holdings in Concho Resources by 91.8% during the 3rd quarter. FIL Ltd now owns 1,297,215 shares of the oil and natural gas company’s stock valued at $198,149,000 after buying an additional 620,955 shares in the last quarter. Institutional investors and hedge funds own 77.84% 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.
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