Concho Resources (NYSE:CXO) Given New $110.00 Price Target at Raymond James

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Concho Resources (NYSE:CXO) had its price objective lowered by Raymond James from $120.00 to $110.00 in a research note released on Thursday morning, The Fly reports. The firm currently has a strong-buy rating on the oil and natural gas company’s stock.

A number of other research firms have also recently weighed in on CXO. Williams Capital reiterated a buy rating and set a $100.00 price target on shares of Concho Resources in a report on Wednesday, October 30th. Bank of America raised their target price on Concho Resources from $125.00 to $130.00 and gave the company a buy rating in a report on Wednesday, February 19th. Barclays lowered their target price on Concho Resources from $141.00 to $107.00 and set an overweight rating for the company in a report on Friday, December 6th. UBS Group lowered their target price on Concho Resources from $161.00 to $151.00 and set a buy rating for the company in a report on Friday, January 24th. Finally, Wells Fargo & Co lowered their target price on Concho Resources from $101.00 to $100.00 and set an overweight rating for the company in a report on Friday, January 24th. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $110.76.

NYSE CXO opened at $79.38 on Thursday. The stock has a market cap of $15.61 billion, a PE ratio of -22.24, a P/E/G ratio of 1.59 and a beta of 1.46. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.22. Concho Resources has a twelve month low of $61.37 and a twelve month high of $124.53. The stock has a fifty day simple moving average of $83.48 and a 200-day simple moving average of $75.03.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, February 18th. The oil and natural gas company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.24. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Concho Resources had a positive return on equity of 3.38% and a negative net margin of 15.35%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. Research analysts predict that Concho Resources will post 3.76 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, February 28th will be given a $0.20 dividend. The ex-dividend date is Thursday, February 27th. This represents a $0.80 dividend on an annualized basis and a yield of 1.01%. This is a positive change from Concho Resources’s previous quarterly dividend of $0.13. Concho Resources’s dividend payout ratio (DPR) is currently 16.39%.

A number of hedge funds have recently bought and sold shares of the business. Capital Research Global Investors raised its position in Concho Resources by 1.8% in the 4th quarter. Capital Research Global Investors now owns 24,583,880 shares of the oil and natural gas company’s stock valued at $2,152,809,000 after purchasing an additional 423,417 shares in the last quarter. BlackRock Inc. raised its position in Concho Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 13,655,162 shares of the oil and natural gas company’s stock valued at $1,408,940,000 after purchasing an additional 189,393 shares in the last quarter. Capital International Investors raised its position in Concho Resources by 2.1% in the 4th quarter. Capital International Investors now owns 11,386,391 shares of the oil and natural gas company’s stock valued at $997,106,000 after purchasing an additional 236,790 shares in the last quarter. State Street Corp raised its position in Concho Resources by 5.4% in the 4th quarter. State Street Corp now owns 10,164,181 shares of the oil and natural gas company’s stock valued at $890,077,000 after purchasing an additional 517,837 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Concho Resources by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 3,171,267 shares of the oil and natural gas company’s stock valued at $277,147,000 after purchasing an additional 124,513 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors.

About Concho Resources

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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