Concho Resources Inc. (NYSE:CXO) – Equities researchers at Seaport Global Securities increased their FY2016 earnings estimates for Concho Resources in a research report issued on Tuesday. Seaport Global Securities analyst M. Kelly now expects that the firm will earn ($0.11) per share for the year, up from their previous estimate of ($0.18). Seaport Global Securities has a “Accumulate” rating and a $140.00 price target on the stock. Seaport Global Securities also issued estimates for Concho Resources’ Q4 2016 earnings at ($0.24) EPS, Q1 2017 earnings at ($0.18) EPS, Q2 2017 earnings at ($0.20) EPS, Q3 2017 earnings at ($0.19) EPS, Q4 2017 earnings at ($0.18) EPS and FY2017 earnings at ($0.75) EPS.
Several other research analysts have also recently issued reports on CXO. Stifel Nicolaus reaffirmed a “buy” rating and set a $120.00 target price (up previously from $109.00) on shares of Concho Resources in a research report on Thursday, March 31st. Canaccord Genuity started coverage on Concho Resources in a report on Tuesday, April 5th. They set a “hold” rating and a $95.00 price target on the stock. Citigroup Inc. lifted their price target on Concho Resources from $116.00 to $124.00 and gave the stock a “buy” rating in a report on Thursday, April 7th. Cowen and Company lowered Concho Resources from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $109.00 to $114.00 in a report on Monday, April 18th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Concho Resources in a report on Sunday, May 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Concho Resources presently has an average rating of “Buy” and an average price target of $122.04.
Shares of Concho Resources (NYSE:CXO) traded up 0.02% during trading on Thursday, reaching $119.63. The company had a trading volume of 753,938 shares. The company’s 50 day moving average is $121.04 and its 200-day moving average is $106.99. Concho Resources has a 1-year low of $69.94 and a 1-year high of $130.03. The stock’s market capitalization is $15.59 billion.
In other Concho Resources news, Director Steven L. Beal sold 16,250 shares of the stock in a transaction on Monday, June 6th. The stock was sold at an average price of $119.75, for a total transaction of $1,945,937.50. Following the sale, the director now directly owns 73,652 shares in the company, valued at approximately $8,819,827. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
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.
