Concho Resources (NYSE:CXO) Upgraded to Buy by Bank of America

Bank of America upgraded shares of Concho Resources (NYSE:CXO) from a neutral rating to a buy rating in a report issued on Thursday, January 4th, Marketbeat Ratings reports. Bank of America currently has $190.00 price target on the oil and natural gas company’s stock.

CXO has been the subject of several other reports. Barclays lifted their price target on Concho Resources from $124.00 to $144.00 and gave the company an overweight rating in a research report on Wednesday, October 11th. Cowen reissued a hold rating and set a $145.00 price objective on shares of Concho Resources in a research note on Sunday, October 22nd. Royal Bank of Canada set a $167.00 price objective on Concho Resources and gave the company a buy rating in a research note on Wednesday, December 20th. Zacks Investment Research raised Concho Resources from a hold rating to a buy rating and set a $149.00 price objective for the company in a research note on Monday, October 16th. Finally, Jefferies Group set a $173.00 price objective on Concho Resources and gave the company a buy rating in a research note on Wednesday, December 20th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $157.42.

Concho Resources (NYSE CXO) traded up $1.23 during trading hours on Thursday, reaching $159.09. The company’s stock had a trading volume of 879,485 shares, compared to its average volume of 992,217. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. Concho Resources has a twelve month low of $106.73 and a twelve month high of $159.52. The stock has a market capitalization of $23,656.05, a P/E ratio of 42.31 and a beta of 1.08.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.19. The business had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the business posted $0.32 earnings per share. analysts forecast that Concho Resources will post 1.86 EPS for the current year.

In other Concho Resources news, Director Ray M. Poage sold 4,000 shares of the company’s 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 transaction, the director now owns 24,799 shares in the company, valued at approximately $3,741,425.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.99% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Israel Discount Bank of New York boosted its position in shares of Concho Resources by 32.0% in the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after purchasing an additional 200 shares in the last quarter. Sun Life Financial INC boosted its position in shares of Concho Resources by 10,850.0% in the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after purchasing an additional 1,085 shares in the last quarter. Twin Tree Management LP bought a new position in Concho Resources in the 2nd quarter valued at approximately $137,000. C M Bidwell & Associates Ltd. lifted its position in Concho Resources by 1.4% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after acquiring an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc bought a new position in Concho Resources in the 3rd quarter valued at approximately $206,000. 94.47% of the stock is currently owned by hedge funds and other institutional investors.

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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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