Barclays set a $153.00 price target on Concho Resources (NYSE:CXO) in a research note released on Thursday, TipRanks reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.
A number of other equities analysts also recently commented on CXO. Morgan Stanley cut their target price on shares of Concho Resources from $154.00 to $135.00 and set an overweight rating on the stock in a research note on Thursday, February 21st. TD Securities cut their target price on shares of Concho Resources from $130.00 to $120.00 and set a hold rating on the stock in a research note on Friday, February 22nd. Raymond James set a $185.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Sunday, December 30th. Wells Fargo & Co cut their target price on shares of Concho Resources from $174.00 to $151.00 and set an outperform rating on the stock in a research note on Wednesday, March 13th. They noted that the move was a valuation call. Finally, Cowen set a $140.00 target price on shares of Concho Resources and gave the company a buy rating in a research note on Tuesday, February 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $164.52.
NYSE:CXO traded up $9.16 during trading hours on Thursday, reaching $113.89. 4,188,539 shares of the company were exchanged, compared to its average volume of 1,811,290. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.22. The company has a market cap of $21.01 billion, a P/E ratio of 24.81, a P/E/G ratio of 0.82 and a beta of 1.11. Concho Resources has a 52-week low of $93.31 and a 52-week high of $163.11.
The company also recently declared a special dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.125 per share. The ex-dividend date was Thursday, February 28th. Concho Resources’s dividend payout ratio (DPR) is 10.89%.
In related news, Director Steven L. Beal sold 7,500 shares of Concho Resources stock in a transaction on Monday, March 11th. The shares were sold at an average price of $99.90, for a total transaction of $749,250.00. Following the sale, the director now owns 69,096 shares of the company’s stock, valued at approximately $6,902,690.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary A. Merriman purchased 2,000 shares of the company’s stock in a transaction that occurred on 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 purchase, 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. Insiders own 1.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Cigna Investments Inc. New increased its stake in Concho Resources by 1.5% during the 4th quarter. Cigna Investments Inc. New now owns 5,869 shares of the oil and natural gas company’s stock worth $602,000 after buying an additional 89 shares during the period. Utah Retirement Systems grew its holdings in Concho Resources by 0.3% during the 4th quarter. Utah Retirement Systems now owns 36,297 shares of the oil and natural gas company’s stock worth $3,731,000 after acquiring an additional 100 shares in the last quarter. Usca Ria LLC grew its holdings in Concho Resources by 5.0% during the 4th quarter. Usca Ria LLC now owns 2,100 shares of the oil and natural gas company’s stock worth $216,000 after acquiring an additional 100 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in 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 worth $33,000 after acquiring an additional 114 shares in the last quarter. Finally, Covington Capital Management grew its holdings in 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 worth $26,000 after acquiring an additional 116 shares in the last quarter. 94.65% of the stock is currently owned by hedge funds and other institutional investors.
About Concho Resources
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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