Concho Resources (CXO) Receives Consensus Rating of “Buy” from Analysts

Shares of Concho Resources (NYSE:CXO) have earned a consensus rating of “Buy” from the twenty-five analysts that are currently covering the company, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $170.75.

Several equities analysts recently issued reports on the company. Royal Bank of Canada set a $185.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Friday. SunTrust Banks set a $165.00 price target on Concho Resources and gave the company a “hold” rating in a research report on Monday. Zacks Investment Research lowered Concho Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, April 9th. Stifel Nicolaus lowered their price objective on Concho Resources from $212.00 to $210.00 and set a “buy” rating on the stock in a report on Monday, April 9th. Finally, TheStreet raised Concho Resources from a “c+” rating to a “b-” rating in a report on Tuesday, February 20th.

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In other news, VP E Joseph Wright sold 83,759 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the sale, the vice president now owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Timothy A. Leach sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total value of $5,925,600.00. Following the sale, the chairman now directly owns 737,837 shares in the company, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its stake in Concho Resources by 325.2% in the 4th quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock valued at $137,000 after buying an additional 696 shares in the last quarter. ING Groep NV purchased a new stake in Concho Resources in the 4th quarter valued at approximately $201,000. Park Avenue Securities LLC purchased a new stake in Concho Resources in the 4th quarter valued at approximately $208,000. Greylin Investment Mangement Inc. purchased a new stake in Concho Resources in the 4th quarter valued at approximately $225,000. Finally, Harbor Advisors LLC purchased a new stake in Concho Resources in the 4th quarter valued at approximately $225,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.

CXO stock traded up $1.11 during trading on Thursday, hitting $154.48. The company had a trading volume of 1,605,100 shares, compared to its average volume of 1,755,952. The stock has a market capitalization of $22,512.23, a PE ratio of 73.46 and a beta of 0.97. Concho Resources has a 1-year low of $106.73 and a 1-year high of $162.91. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.20. The firm had revenue of $780.00 million for the quarter, compared to analysts’ expectations of $720.51 million. Concho Resources had a return on equity of 3.61% and a net margin of 36.97%. The firm’s revenue for the quarter was up 48.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. analysts expect that Concho Resources will post 3.73 earnings per share for the current fiscal year.

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Concho Resources Company Profile

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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