Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, November 6th. The brokerage presently has a $160.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.40% from the company’s previous close.
According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +5.9% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4.4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
Other analysts have also recently issued research reports about the stock. Jefferies Group LLC restated a “hold” rating and issued a $109.00 price objective (down previously from $130.00) on shares of Concho Resources in a research report on Tuesday, August 29th. BidaskClub raised shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $192.00 target price on shares of Concho Resources in a research note on Friday, July 14th. Citigroup Inc. reduced their target price on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Finally, KeyCorp set a $150.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 19th. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $151.35.
Concho Resources (NYSE CXO) traded up $0.41 during trading hours on Monday, reaching $138.65. The company’s stock had a trading volume of 533,377 shares, compared to its average volume of 1,269,349. Concho Resources has a 12-month low of $106.73 and a 12-month high of $147.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market cap of $20,616.70, a P/E ratio of 83.52 and a beta of 1.09.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. analysts forecast that Concho Resources will post 1.79 EPS for the current fiscal year.
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Several large investors have recently modified their holdings of CXO. Israel Discount Bank of New York raised its stake in Concho Resources by 32.0% during the second quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after buying an additional 200 shares during the last quarter. Exane Derivatives raised its stake in Concho Resources by 247.2% during the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after buying an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in Concho Resources by 22.5% during the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after buying an additional 200 shares during the last quarter. Sun Life Financial INC raised its stake in Concho Resources by 10,850.0% during the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after buying an additional 1,085 shares during the last quarter. Finally, Twin Tree Management LP bought a new position in Concho Resources during the second quarter worth $137,000. Institutional investors own 92.17% of the company’s stock.
About Concho Resources
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.
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