SunTrust Banks Reiterates Buy Rating for Concho Resources (NYSE:CXO)

SunTrust Banks reissued their buy rating on shares of Concho Resources (NYSE:CXO) in a research note issued to investors on Tuesday morning, The Fly reports. They currently have a $135.00 price objective on the oil and natural gas company’s stock. SunTrust Banks also issued estimates for Concho Resources’ Q2 2019 earnings at $0.95 EPS, Q3 2019 earnings at $1.14 EPS, Q4 2019 earnings at $1.36 EPS, FY2019 earnings at $4.16 EPS, FY2020 earnings at $6.46 EPS and FY2021 earnings at $6.60 EPS.

Other equities research analysts have also recently issued research reports about the stock. TheStreet raised shares of Concho Resources from a c rating to a b- rating in a report on Tuesday, February 19th. Williams Capital set a $182.00 target price on shares of Concho Resources and gave the company a buy rating in a report on Wednesday, February 20th. Cowen set a $140.00 target price on shares of Concho Resources and gave the company a buy rating in a report on Tuesday, February 19th. KeyCorp reissued a buy rating and set a $121.00 target price on shares of Concho Resources in a report on Friday, February 22nd. Finally, MKM Partners lowered their target price on shares of Concho Resources from $161.00 to $150.00 and set a buy rating on the stock in a report on Thursday, February 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Concho Resources has an average rating of Buy and a consensus target price of $164.32.

Shares of CXO stock opened at $98.36 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.25. Concho Resources has a 1 year low of $93.31 and a 1 year high of $160.81. The firm has a market cap of $20.13 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 0.80 and a beta of 1.19.

Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm earned $1.00 EPS. The company’s revenue was up 16.6% compared to the same quarter last year. As a group, sell-side analysts expect that Concho Resources will post 4.15 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 10th will be issued a $0.125 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.50 annualized dividend and a dividend yield of 0.51%. Concho Resources’s payout ratio is currently 10.89%.

In other news, Chairman Timothy A. Leach sold 54,545 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the transaction, the chairman now owns 680,041 shares of the company’s stock, valued at $74,355,682.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven D. Gray sold 4,500 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $115.00, for a total transaction of $517,500.00. Following the completion of the transaction, the director now directly owns 186,039 shares in the company, valued at approximately $21,394,485. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,045 shares of company stock worth $7,321,450. Insiders own 1.10% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Covington Capital Management grew its position in Concho Resources by 86.6% in the fourth quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 116 shares in the last quarter. First Hawaiian Bank grew its position in Concho Resources by 2,400.0% in the first quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 240 shares in the last quarter. Ropes Wealth Advisors LLC purchased a new position in Concho Resources in the fourth quarter worth $28,000. PRW Wealth Management LLC purchased a new position in Concho Resources in the fourth quarter worth $37,000. Finally, Valeo Financial Advisors LLC purchased a new position in Concho Resources in the first quarter worth $50,000. Institutional investors own 94.60% of the company’s stock.

About Concho Resources

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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