Concho Resources (CXO) Cut to “C+” at TheStreet

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TheStreet cut shares of Concho Resources (NYSE:CXO) from a b- rating to a c+ rating in a research report sent to investors on Monday.

CXO has been the topic of several other research reports. ValuEngine cut Concho Resources from a hold rating to a sell rating in a research report on Tuesday, February 5th. Raymond James set a $185.00 target price on Concho Resources and gave the company a buy cxo rating in a research report on Monday, December 24th. Morgan Stanley set a $154.00 target price on Concho Resources and gave the company a buy rating in a research report on Tuesday, January 29th. Williams Capital reaffirmed a buy rating and set a $182.00 target price on shares of Concho Resources in a research report on Monday, February 11th. Finally, KeyCorp initiated coverage on Concho Resources in a research report on Wednesday, January 2nd. They issued an overweight rating and a $118.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Concho Resources presently has a consensus rating of Buy and an average price target of $167.08.

Shares of NYSE:CXO opened at $109.63 on Monday. The company has a market cap of $21.36 billion, a P/E ratio of 23.88, a P/E/G ratio of 0.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.04. Concho Resources has a 12-month low of $93.31 and a 12-month high of $163.11.

Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.10 by ($0.16). The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Concho Resources had a net margin of 55.07% and a return on equity of 5.69%. The firm’s quarterly revenue was up 36.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 EPS. As a group, research analysts predict that Concho Resources will post 4.44 earnings per share for the current fiscal year.

The company also recently declared a special dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, February 28th. Concho Resources’s dividend payout ratio is presently 10.89%.

In other news, Director Steven L. Beal sold 7,500 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $99.90, for a total transaction of $749,250.00. Following the transaction, the director now owns 69,096 shares of the company’s stock, valued at approximately $6,902,690.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary A. Merriman purchased 2,000 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were purchased at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the transaction, the director now directly owns 19,727 shares in the company, valued at $2,199,757.77. The disclosure for this purchase can be found here. 1.10% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Covington Capital Management raised its stake in shares of Concho Resources by 86.6% during the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 116 shares during the period. Ropes Wealth Advisors LLC bought a new stake in shares of Concho Resources during the 4th quarter valued at $28,000. Rehmann Capital Advisory Group raised its stake in shares of Concho Resources by 108.6% during the 3rd quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 114 shares during the period. PRW Wealth Management LLC bought a new stake in shares of Concho Resources during the 4th quarter valued at $37,000. Finally, Massey Quick Simon & CO. LLC bought a new stake in shares of Concho Resources during the 4th quarter valued at $49,000. 93.81% of the stock is currently owned by hedge funds and other institutional investors.

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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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