Concho Resources Inc. (NYSE:CXO) received a $123.00 price objective from stock analysts at Jefferies Group in a research note issued to investors on Tuesday. The firm currently has a a “hold” rating on the stock. Jefferies Group’s target price points to a potential downside of 9.92% from the stock’s previous close.
CXO has been the topic of a number of other reports. Citigroup Inc. lifted their price objective on Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a report on Friday, August 26th. Johnson Rice initiated coverage on Concho Resources in a report on Tuesday, October 4th. They set an “accumulate” rating on the stock. Simmons reaffirmed a “buy” rating on shares of Concho Resources in a report on Monday, August 22nd. Credit Suisse Group AG lifted their price objective on Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a report on Wednesday, August 24th. Finally, TheStreet raised Concho Resources from a “sell” rating to a “hold” rating in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $138.10.
Shares of Concho Resources (NYSE:CXO) traded up 2.20% during trading on Tuesday, hitting $139.56. The stock had a trading volume of 781,945 shares. The stock’s market capitalization is $18.23 billion. Concho Resources has a 52 week low of $69.94 and a 52 week high of $143.60. The stock’s 50 day moving average is $132.21 and its 200 day moving average is $123.04.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.27. The company had revenue of $396.30 million for the quarter, compared to the consensus estimate of $482.50 million. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The company’s quarterly revenue was down 26.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 earnings per share. On average, equities research analysts expect that Concho Resources will post $0.22 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the company. Riverhead Capital Management LLC bought a new position in shares of Concho Resources during the first quarter worth $851,000. AXA raised its position in shares of Concho Resources by 2.7% in the first quarter. AXA now owns 441,385 shares of the company’s stock worth $44,598,000 after buying an additional 11,643 shares during the last quarter. Pictet Asset Management Ltd. raised its position in shares of Concho Resources by 49.7% in the first quarter. Pictet Asset Management Ltd. now owns 67,500 shares of the company’s stock worth $6,091,000 after buying an additional 22,400 shares during the last quarter. BP Capital Fund Advisors LLC raised its position in shares of Concho Resources by 2.3% in the first quarter. BP Capital Fund Advisors LLC now owns 50,371 shares of the company’s stock worth $5,089,000 after buying an additional 1,154 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of Concho Resources by 197.1% in the first quarter. Meeder Asset Management Inc. now owns 7,479 shares of the company’s stock worth $755,000 after buying an additional 4,962 shares during the last quarter. 91.12% of the stock is owned by hedge funds and other institutional investors.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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