Analysts Set Concho Resources Inc. (NYSE:CXO) Target Price at $138.15
Concho Resources Inc. (NYSE:CXO) has received an average rating of “Buy” from the twenty-four brokerages that are currently covering the stock. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, thirteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $138.15.
A number of equities research analysts have commented on CXO shares. Morgan Stanley set a $173.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Deutsche Bank AG raised their target price on shares of Concho Resources from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Seaport Global Securities raised shares of Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 target price on the stock in a research note on Tuesday, June 7th. Zacks Investment Research lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $145.00 target price on shares of Concho Resources in a research note on Friday, August 5th.
Concho Resources (NYSE:CXO) opened at 125.39 on Tuesday. The firm’s market cap is $16.38 billion. Concho Resources has a 1-year low of $69.94 and a 1-year high of $137.40. The firm has a 50-day moving average of $129.59 and a 200 day moving average of $117.34.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.27. Concho Resources had a negative net margin of 72.25% and a positive return on equity of 0.90%. The firm had revenue of $396.30 million for the quarter, compared to analyst estimates of $482.50 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue was down 26.3% on a year-over-year basis. Analysts expect that Concho Resources will post $0.22 earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Advisor Group Inc. purchased a new position in shares of Concho Resources during the second quarter worth $102,000. University of Texas Investment Managment Co. purchased a new position in shares of Concho Resources during the second quarter worth $110,000. Checchi Capital Advisers LLC increased its position in shares of Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock worth $132,000 after buying an additional 18 shares during the last quarter. Exane Derivatives increased its position in shares of Concho Resources by 0.5% in the first quarter. Exane Derivatives now owns 1,389 shares of the company’s stock worth $140,000 after buying an additional 7 shares during the last quarter. Finally, Creative Planning increased its position in shares of Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock worth $162,000 after buying an additional 259 shares during the last quarter. Institutional investors and hedge funds own 91.21% of the company’s stock.
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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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