Jefferies Group LLC upgraded shares of Concho Resources Inc. (NYSE:CXO) from a hold rating to a buy rating in a report released on Monday, Marketbeat reports. The firm currently has $159.00 target price on the oil and natural gas company’s stock. Jefferies Group also issued estimates for Concho Resources’ Q3 2017 earnings at $0.23 EPS, Q4 2017 earnings at $0.28 EPS, FY2017 earnings at $1.51 EPS, Q1 2018 earnings at $0.33 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.48 EPS, Q4 2018 earnings at $0.52 EPS, FY2018 earnings at $1.70 EPS, Q1 2019 earnings at $0.69 EPS, Q2 2019 earnings at $0.74 EPS, Q3 2019 earnings at $0.80 EPS and FY2019 earnings at $3.08 EPS.
CXO has been the subject of a number of other reports. Barclays PLC decreased their target price on shares of Concho Resources from $125.00 to $124.00 and set an overweight rating for the company in a research report on Tuesday, August 8th. Stifel Nicolaus set a $185.00 target price on shares of Concho Resources and gave the company a buy rating in a research report on Thursday, October 5th. Bank of America Corporation downgraded shares of Concho Resources from a buy rating to a neutral rating and decreased their target price for the company from $155.00 to $128.00 in a research report on Friday, June 30th. BidaskClub upgraded shares of Concho Resources from a hold rating to a buy rating in a research report on Wednesday, July 19th. Finally, Zacks Investment Research downgraded shares of Concho Resources from a hold rating to a sell rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $151.06.
Shares of Concho Resources (NYSE:CXO) opened at 135.00 on Monday. Concho Resources has a 1-year low of $106.73 and a 1-year high of $147.55. The stock has a market capitalization of $19.92 billion, a price-to-earnings ratio of 31.33 and a beta of 1.14. The stock has a 50 day moving average price of $123.30 and a 200 day moving average price of $124.27.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $567.00 million during the quarter, compared to the consensus estimate of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. Equities research analysts anticipate that Concho Resources will post $1.61 EPS for the current year.
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In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the transaction, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.99% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp increased its stake in shares of Concho Resources by 90.9% during the first quarter. Stifel Financial Corp now owns 6,886 shares of the oil and natural gas company’s stock worth $883,000 after purchasing an additional 3,279 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of Concho Resources by 4.2% during the first quarter. Municipal Employees Retirement System of Michigan now owns 4,710 shares of the oil and natural gas company’s stock worth $604,000 after purchasing an additional 190 shares in the last quarter. Teachers Advisors LLC increased its stake in shares of Concho Resources by 2.0% during the first quarter. Teachers Advisors LLC now owns 1,115,127 shares of the oil and natural gas company’s stock worth $143,115,000 after purchasing an additional 21,671 shares in the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in shares of Concho Resources during the first quarter worth about $5,046,000. Finally, Turner Investments LLC purchased a new stake in shares of Concho Resources during the first quarter worth about $225,000. 92.36% of the stock is owned by institutional investors.
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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