Concho Resources Inc. (NYSE:CXO) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday, August 5th.
CXO has been the topic of several other research reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $178.00 target price on shares of Concho Resources in a research report on Friday, May 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $192.00 target price on shares of Concho Resources in a research report on Friday, July 14th. Bank of America Corporation lowered shares of Concho Resources from a “buy” rating to a “neutral” rating and dropped their target price for the company from $155.00 to $128.00 in a research report on Friday, June 30th. Citigroup Inc. reiterated a “buy” rating and issued a $173.00 target price (up previously from $172.00) on shares of Concho Resources in a research report on Saturday, April 22nd. Finally, Credit Suisse Group set a $164.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $151.53.
Shares of Concho Resources (CXO) traded up 0.43% during trading on Friday, reaching $108.52. 995,142 shares of the company were exchanged. The company’s 50-day moving average is $122.15 and its 200 day moving average is $127.57. The firm has a market capitalization of $16.01 billion, a PE ratio of 25.18 and a beta of 1.09. Concho Resources has a 1-year low of $107.84 and a 1-year high of $147.55.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business had revenue of $567 million for the quarter, compared to analyst estimates of $626.09 million. During the same quarter last year, the business earned $0.26 earnings per share. The company’s revenue for the quarter was up 43.2% compared to the same quarter last year. Equities research analysts expect that Concho Resources will post $1.61 EPS for the current fiscal year.
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In other news, VP E Joseph Wright sold 16,696 shares of the business’s stock in a transaction that occurred 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 sale, the vice president now directly owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Mn Services Vermogensbeheer B.V. increased its stake in Concho Resources by 8.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,895 shares of the oil and natural gas company’s stock worth $467,000 after buying an additional 298 shares during the period. Nationwide Fund Advisors increased its stake in Concho Resources by 3.8% in the first quarter. Nationwide Fund Advisors now owns 71,915 shares of the oil and natural gas company’s stock worth $9,230,000 after buying an additional 2,608 shares during the period. Candriam Luxembourg S.C.A. increased its stake in Concho Resources by 57.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 10,744 shares of the oil and natural gas company’s stock worth $1,379,000 after buying an additional 3,939 shares during the period. State of Alaska Department of Revenue bought a new stake in Concho Resources during the first quarter worth about $693,000. Finally, Nisa Investment Advisors LLC increased its stake in Concho Resources by 4.6% in the first quarter. Nisa Investment Advisors LLC now owns 29,495 shares of the oil and natural gas company’s stock worth $3,785,000 after buying an additional 1,295 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.
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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