Concho Resources (CXO) Earns “Buy” Rating from Williams Capital

Concho Resources (NYSE:CXO)‘s stock had its “buy” rating restated by research analysts at Williams Capital in a report released on Wednesday. They presently have a $182.00 price objective on the oil and natural gas company’s stock. Williams Capital’s target price indicates a potential upside of 50.66% from the stock’s previous close.

Several other research firms have also recently issued reports on CXO. Jefferies Financial Group set a $203.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Friday, October 5th. TheStreet raised shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Sunday, September 30th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 price objective for the company in a report on Tuesday, October 16th. Finally, Morgan Stanley increased their price objective on shares of Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, September 26th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $179.00.

Concho Resources stock traded down $1.41 during mid-day trading on Wednesday, reaching $120.80. The stock had a trading volume of 91,121 shares, compared to its average volume of 1,753,770. The stock has a market cap of $24.40 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 0.85 and a beta of 1.02. Concho Resources has a one year low of $117.74 and a one year high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.53.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. Concho Resources’s revenue was up 90.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 EPS. On average, equities analysts expect that Concho Resources will post 4.98 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rehmann Capital Advisory Group lifted its position in Concho Resources by 108.6% in the third quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock worth $33,000 after buying an additional 114 shares during the last quarter. Marshall Wace North America L.P. lifted its position in Concho Resources by 154.5% in the third quarter. Marshall Wace North America L.P. now owns 14,363 shares of the oil and natural gas company’s stock worth $2,194,000 after buying an additional 8,720 shares during the last quarter. Vanguard Group Inc. lifted its position in Concho Resources by 34.6% in the third quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after buying an additional 5,380,400 shares during the last quarter. Morgan Stanley lifted its position in Concho Resources by 8.5% in the third quarter. Morgan Stanley now owns 219,932 shares of the oil and natural gas company’s stock worth $33,594,000 after buying an additional 17,251 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Concho Resources by 31.9% in the third quarter. Legal & General Group Plc now owns 861,973 shares of the oil and natural gas company’s stock worth $131,666,000 after buying an additional 208,278 shares during the last quarter. Institutional investors own 94.29% 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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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