Concho Resources Inc (NYSE:CXO) – Equities research analysts at Capital One Financial issued their Q2 2018 earnings estimates for Concho Resources in a research report issued on Wednesday. Capital One Financial analyst R. Tullis forecasts that the oil and natural gas company will post earnings of $0.72 per share for the quarter. Capital One Financial also issued estimates for Concho Resources’ Q3 2018 earnings at $0.85 EPS and Q4 2018 earnings at $0.86 EPS.
A number of other brokerages also recently commented on CXO. Morgan Stanley increased their price objective on shares of Concho Resources from $155.00 to $183.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Stifel Nicolaus set a $195.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Monday, January 29th. BMO Capital Markets reissued a “buy” rating and issued a $200.00 price objective on shares of Concho Resources in a research report on Sunday, January 14th. Zacks Investment Research downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, KLR Group downgraded shares of Concho Resources from a “buy” rating to a “hold” rating and set a $154.00 price objective on the stock. in a research report on Thursday, December 21st. Eight research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and a consensus target price of $168.53.
Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The firm had revenue of $780.00 million for the quarter, compared to the consensus estimate of $720.51 million. During the same period in the prior year, the firm earned $0.20 EPS. The firm’s revenue for the quarter was up 48.6% on a year-over-year basis.
Several institutional investors have recently modified their holdings of CXO. Meeder Asset Management Inc. boosted its stake in Concho Resources by 325.2% during the 4th quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after purchasing an additional 696 shares during the period. ING Groep NV acquired a new stake in Concho Resources during the 4th quarter worth $201,000. Commonwealth Equity Services Inc acquired a new stake in Concho Resources during the 3rd quarter worth $206,000. Park Avenue Securities LLC acquired a new stake in Concho Resources during the 4th quarter worth $208,000. Finally, Greylin Investment Mangement Inc. acquired a new stake in Concho Resources during the 4th quarter worth $225,000. Institutional investors and hedge funds own 95.03% of the company’s stock.
In other news, Chairman Timothy A. Leach sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total value of $5,925,600.00. Following the completion of the transaction, the chairman now owns 737,837 shares in the company, valued at approximately $109,303,173.18. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP E Joseph Wright sold 83,759 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the completion of the transaction, the vice president now owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 127,759 shares of company stock valued at $18,948,027. Company insiders own 0.99% of the company’s stock.
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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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