Concho Resources (NYSE:CXO) – Analysts at Piper Jaffray issued their Q1 2018 earnings per share (EPS) estimates for Concho Resources in a report issued on Wednesday, April 18th. Piper Jaffray analyst D. Kistler anticipates that the oil and natural gas company will post earnings of $0.74 per share for the quarter. Piper Jaffray has a “Buy” rating and a $170.00 price target on the stock. Piper Jaffray also issued estimates for Concho Resources’ Q2 2018 earnings at $0.85 EPS, Q3 2018 earnings at $1.01 EPS, Q4 2018 earnings at $1.11 EPS, Q1 2019 earnings at $1.32 EPS, Q2 2019 earnings at $1.34 EPS, Q3 2019 earnings at $1.42 EPS and Q4 2019 earnings at $1.55 EPS.
Several other analysts also recently issued reports on CXO. Royal Bank of Canada set a $185.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Friday, April 13th. SunTrust Banks set a $165.00 target price on shares of Concho Resources and gave the company a “hold” rating in a research note on Monday, April 16th. Zacks Investment Research downgraded shares of Concho Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 9th. TheStreet raised shares of Concho Resources from a “c+” rating to a “b-” rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley boosted their target price on shares of Concho Resources from $155.00 to $183.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $171.24.
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 (EPS) for the quarter, beating 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 company had revenue of $780.00 million for the quarter, compared to the consensus estimate of $720.51 million. During the same period in the previous year, the business earned $0.20 EPS. The company’s revenue was up 48.6% on a year-over-year basis.
In related news, 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 value of $12,418,946.93. Following the completion of the sale, the vice president now directly owns 159,268 shares in the company, valued at $23,614,666.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Timothy A. Leach sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the sale, the chairman now owns 737,837 shares of the company’s stock, valued at $109,303,173.18. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its holdings in Concho Resources by 325.2% in the fourth 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 in the last quarter. ING Groep NV bought a new stake in Concho Resources in the fourth quarter worth $201,000. Park Avenue Securities LLC bought a new stake in Concho Resources in the fourth quarter worth $208,000. Greylin Investment Mangement Inc. bought a new stake in Concho Resources in the fourth quarter worth $225,000. Finally, Harbor Advisors LLC bought a new stake in Concho Resources in the fourth quarter worth $225,000. Hedge funds and other institutional investors own 95.74% of the company’s stock.
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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.
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