Concho Resources (NYSE:CXO) Upgraded by Zacks Investment Research to Buy

Concho Resources (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, December 21st. The brokerage currently has a $157.00 target price on the oil and natural gas company’s stock. Zacks Investment Research‘s target price would suggest a potential downside of 1.31% from the stock’s previous close.

According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained 4.7% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which lost 0.3% 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.”

A number of other brokerages also recently weighed in on CXO. Jefferies Group set a $173.00 target price on Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. Royal Bank of Canada set a $167.00 target price on Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. KLR Group downgraded Concho Resources from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a report on Thursday, December 21st. Credit Suisse Group began coverage on Concho Resources in a report on Monday, December 11th. They issued a “neutral” rating and a $136.00 target price on the stock. Finally, Scotiabank set a $145.00 target price on Concho Resources and gave the company a “buy” rating in a report on Saturday, November 25th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $156.37.

Concho Resources (CXO) traded up $1.23 during mid-day trading on Thursday, reaching $159.09. 879,485 shares of the company’s stock were exchanged, compared to its average volume of 1,050,000. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. Concho Resources has a 52 week low of $106.73 and a 52 week high of $159.52. The stock has a market capitalization of $23,660.00, a price-to-earnings ratio of 41.87 and a beta of 1.08.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.19. The company had revenue of $627.00 million during the quarter, compared to analyst estimates of $614.12 million. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 earnings per share. analysts forecast that Concho Resources will post 1.86 EPS for the current 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 stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the transaction, the director now owns 24,799 shares in the company, valued at $3,741,425.13. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.99% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Israel Discount Bank of New York boosted its position in shares of Concho Resources by 32.0% in the second quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock valued at $100,000 after acquiring an additional 200 shares during the period. Sun Life Financial INC boosted its position in shares of Concho Resources by 10,850.0% in the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after acquiring an additional 1,085 shares during the period. Twin Tree Management LP bought a new stake in shares of Concho Resources in the second quarter valued at approximately $137,000. C M Bidwell & Associates Ltd. boosted its position in shares of Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after acquiring an additional 20 shares during the period. Finally, Commonwealth Equity Services Inc bought a new stake in shares of Concho Resources in the third quarter valued at approximately $206,000. 94.47% of the stock is 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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