Analysts expect Concho Resources Inc (NYSE:CXO) to announce $1.24 billion in sales for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Concho Resources’ earnings, with the highest sales estimate coming in at $1.31 billion and the lowest estimate coming in at $1.19 billion. Concho Resources posted sales of $780.00 million during the same quarter last year, which suggests a positive year over year growth rate of 59%. The business is expected to issue its next quarterly earnings report on Tuesday, February 19th.

On average, analysts expect that Concho Resources will report full-year sales of $4.14 billion for the current financial year, with estimates ranging from $3.51 billion to $4.35 billion. For the next year, analysts anticipate that the business will report sales of $5.53 billion, with estimates ranging from $4.69 billion to $6.34 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Concho Resources.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. Concho Resources’s quarterly revenue was up 90.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS.

CXO has been the topic of several research analyst reports. SunTrust Banks raised Concho Resources from a “hold” rating to a “buy” rating and raised their price objective for the company from $155.00 to $170.00 in a research note on Monday, September 24th. Morgan Stanley reaffirmed a “hold” rating and issued a $178.00 price objective (up from $163.00) on shares of Concho Resources in a research note on Friday, October 12th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $193.00 price objective on shares of Concho Resources in a research note on Friday, September 28th. Jefferies Financial Group set a $203.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Friday, October 5th. Finally, TD Securities raised their price objective on Concho Resources from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 5th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $179.00.

Several hedge funds have recently made changes to their positions in CXO. Rehmann Capital Advisory Group boosted its stake in shares of Concho Resources by 108.6% during the third quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 114 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Concho Resources during the third quarter valued at about $161,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Concho Resources during the second quarter valued at about $166,000. Cerebellum GP LLC acquired a new stake in shares of Concho Resources during the third quarter valued at about $188,000. Finally, Summit X LLC acquired a new stake in shares of Concho Resources during the second quarter valued at about $203,000. 94.29% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CXO traded down $1.54 during trading hours on Thursday, hitting $120.67. 1,737,443 shares of the company were exchanged, compared to its average volume of 1,959,657. The firm has a market cap of $24.40 billion, a P/E ratio of 57.74, a price-to-earnings-growth ratio of 0.85 and a beta of 1.02. Concho Resources has a fifty-two week low of $117.74 and a fifty-two week high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55.

About Concho Resources

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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