Morgan Stanley Raises Concho Resources (CXO) Price Target to $183.00

Concho Resources (NYSE:CXO) had its price target increased by equities researchers at Morgan Stanley from $155.00 to $183.00 in a research note issued on Wednesday. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 14.53% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $170.00 price objective on shares of Concho Resources in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Monday, November 6th. Scotiabank set a $145.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, November 25th. Jefferies Group raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a report on Monday, October 9th. Finally, KLR Group downgraded shares of Concho Resources from a “buy” rating to a “hold” rating and set a $154.00 price objective for the company. in a report on Thursday, December 21st. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $162.89.

Concho Resources (NYSE CXO) opened at $159.79 on Wednesday. Concho Resources has a 52-week low of $106.73 and a 52-week high of $162.21. The firm has a market cap of $23,925.19, a P/E ratio of 42.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66.

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 for the quarter, beating the Zacks’ 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 firm had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. During the same period in the prior year, the firm earned $0.32 EPS. The company’s revenue was up 45.8% compared to the same quarter last year. sell-side analysts anticipate that Concho Resources will post 1.88 earnings per share for the current fiscal year.

In other Concho Resources news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total value of $603,480.00. Following the sale, the director now directly owns 24,799 shares in the company, valued at approximately $3,741,425.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.99% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sun Life Financial INC lifted its stake in 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. C M Bidwell & Associates Ltd. lifted its stake 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 worth $182,000 after purchasing an additional 20 shares in the last quarter. Commonwealth Equity Services Inc purchased a new stake in Concho Resources in the 3rd quarter worth approximately $206,000. Tower Research Capital LLC TRC lifted its stake in Concho Resources by 145.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the oil and natural gas company’s stock worth $216,000 after purchasing an additional 1,051 shares in the last quarter. Finally, Greylin Investment Mangement Inc. purchased a new stake in Concho Resources in the 4th quarter worth approximately $225,000. Institutional investors and hedge funds own 94.47% of the company’s stock.

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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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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