Concho Resources Inc. (NYSE:CXO) Lifted to “Buy” at Zacks Investment Research

Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, November 6th. The brokerage currently has a $160.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.81% from the company’s current price.

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 research analysts have also recently issued research reports about the stock. Royal Bank Of Canada set a $158.00 target price on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, August 24th. Citigroup Inc. decreased their price target on shares of Concho Resources from $151.00 to $149.00 and set a “buy” rating for the company in a research note on Tuesday, August 15th. BMO Capital Markets reiterated a “buy” rating on shares of Concho Resources in a research note on Friday, August 11th. Stifel Nicolaus reiterated a “buy” rating and set a $192.00 price target on shares of Concho Resources in a research note on Friday, July 14th. Finally, BidaskClub upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Eight analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $152.84.

Shares of Concho Resources (NYSE:CXO) traded up $0.29 during trading hours on Monday, hitting $140.58. 374,991 shares of the company’s stock were exchanged, compared to its average volume of 1,182,329. Concho Resources has a 52 week low of $106.73 and a 52 week 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 stock has a market cap of $20,860.56, a P/E ratio of 84.51 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. During the same quarter in the prior year, the business posted $0.32 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. research analysts expect that Concho Resources will post 1.83 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Concho Resources by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after purchasing an additional 454,428 shares during the last quarter. Capital World Investors boosted its stake in shares of Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after purchasing an additional 1,034,000 shares during the last quarter. State Street Corp boosted its stake in shares of Concho Resources by 0.3% during the 2nd quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock worth $959,272,000 after purchasing an additional 20,760 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Concho Resources by 30.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after purchasing an additional 1,599,084 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of Concho Resources by 3.6% during the 2nd quarter. Jennison Associates LLC now owns 6,038,410 shares of the oil and natural gas company’s stock worth $733,848,000 after purchasing an additional 211,679 shares during the last quarter. 92.66% of the stock is currently owned by 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.

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