Concho Resources’ (CXO) “Buy” Rating Reiterated at Williams Capital

Williams Capital reissued their buy rating on shares of Concho Resources (NYSE:CXO) in a report issued on Thursday morning, AnalystRatings.com reports. Williams Capital currently has a $114.00 price objective on the oil and natural gas company’s stock.

Other research analysts have also issued research reports about the company. Barclays raised their price objective on Concho Resources from $161.00 to $165.00 and gave the company an overweight rating in a research report on Wednesday, May 15th. Susquehanna Bancshares cut their price objective on Concho Resources from $150.00 to $143.00 and set a positive rating for the company in a research report on Wednesday, June 19th. TD Securities cut their price objective on Concho Resources from $115.00 to $100.00 and set a hold rating for the company in a research report on Thursday, August 1st. Raymond James cut their price objective on Concho Resources from $150.00 to $130.00 and set a strong-buy rating for the company in a research report on Friday, August 2nd. Finally, SunTrust Banks cut their price objective on Concho Resources to $100.00 and set a buy rating for the company in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $145.42.

NYSE:CXO opened at $69.96 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $86.83 and its two-hundred day simple moving average is $103.01. The stock has a market cap of $14.63 billion, a PE ratio of 15.24 and a beta of 1.15. Concho Resources has a 52 week low of $63.92 and a 52 week high of $160.81.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.05). The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. Concho Resources’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.24 earnings per share. Sell-side analysts anticipate that Concho Resources will post 3.27 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 9th will be given a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.50 annualized dividend and a yield of 0.71%. Concho Resources’s dividend payout ratio is currently 10.89%.

In related news, President Jack F. Harper purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $65.40 per share, for a total transaction of $654,000.00. Following the completion of the transaction, the president now owns 170,605 shares in the company, valued at approximately $11,157,567. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brenda R. Schroer purchased 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $69.67 per share, with a total value of $104,505.00. Following the transaction, the chief financial officer now owns 35,137 shares of the company’s stock, valued at approximately $2,447,994.79. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 16,200 shares of company stock valued at $1,084,349. 1.10% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina raised its stake in shares of Concho Resources by 4.4% during the second quarter. Treasurer of the State of North Carolina now owns 100,998 shares of the oil and natural gas company’s stock valued at $10,421,000 after acquiring an additional 4,298 shares in the last quarter. BlackRock Inc. raised its stake in shares of Concho Resources by 1.4% during the second quarter. BlackRock Inc. now owns 13,655,162 shares of the oil and natural gas company’s stock valued at $1,408,940,000 after acquiring an additional 189,393 shares in the last quarter. Barings LLC raised its stake in shares of Concho Resources by 27.6% during the second quarter. Barings LLC now owns 73,171 shares of the oil and natural gas company’s stock valued at $7,550,000 after acquiring an additional 15,830 shares in the last quarter. Hellman Jordan Management Co. Inc. MA bought a new stake in shares of Concho Resources during the second quarter valued at approximately $485,000. Finally, Colony Group LLC raised its stake in shares of Concho Resources by 0.8% during the second quarter. Colony Group LLC now owns 67,114 shares of the oil and natural gas company’s stock valued at $6,925,000 after acquiring an additional 549 shares in the last quarter. Institutional investors own 94.29% 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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