Concho Resources Inc (CXO) Receives $149.65 Average PT from Analysts

Concho Resources Inc (NYSE:CXO) has been given an average recommendation of “Buy” by the twenty-two brokerages that are covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $153.29.

Several research analysts have recently issued reports on CXO shares. ValuEngine upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Piper Jaffray Companies reduced their price objective on Concho Resources from $167.00 to $142.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. Royal Bank of Canada restated a “buy” rating and issued a $158.00 price objective on shares of Concho Resources in a research note on Friday, September 29th. Stifel Nicolaus set a $185.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. Finally, Jefferies Group upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research note on Monday, October 9th.

In related news, Director Ray M. Poage sold 4,000 shares of Concho Resources stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the transaction, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.99% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in CXO. Toronto Dominion Bank grew its holdings in Concho Resources by 12.4% in the third quarter. Toronto Dominion Bank now owns 56,398 shares of the oil and natural gas company’s stock valued at $7,428,000 after purchasing an additional 6,206 shares during the period. Nordea Investment Management AB grew its holdings in Concho Resources by 33.6% in the second quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock valued at $968,000 after purchasing an additional 2,003 shares during the period. Texas Capital Bancshares Inc. TX grew its holdings in Concho Resources by 5.5% in the third quarter. Texas Capital Bancshares Inc. TX now owns 7,274 shares of the oil and natural gas company’s stock valued at $958,000 after purchasing an additional 380 shares during the period. Asset Management One Co. Ltd. grew its holdings in Concho Resources by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 241,786 shares of the oil and natural gas company’s stock valued at $31,851,000 after purchasing an additional 1,440 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in Concho Resources by 11.3% in the third quarter. Ameriprise Financial Inc. now owns 361,781 shares of the oil and natural gas company’s stock valued at $47,654,000 after purchasing an additional 36,662 shares during the period. Institutional investors own 94.47% of the company’s stock.

Shares of Concho Resources (NYSE CXO) traded up $1.99 during midday trading on Tuesday, reaching $155.60. The company’s stock had a trading volume of 1,081,099 shares, compared to its average volume of 1,014,050. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $23,120.00, a P/E ratio of 40.95 and a beta of 1.08. Concho Resources has a fifty-two week low of $106.73 and a fifty-two week high of $155.70.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.19. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The firm had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. During the same period last year, the business posted $0.32 earnings per share. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. analysts expect that Concho Resources will post 1.85 EPS for the current year.

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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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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