Zacks Investment Research cut shares of Concho Resources (NYSE:CXO) from a buy rating to a hold rating in a report published on Monday.

According to Zacks, “Concho Resources' 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. However, we remain concerned of the service cost inflation and the company’s lack of geographical diversification. Further, until the commodity prices rebound sufficiently, we believe investors should exhibit caution before accumulating shares.”

Other research analysts also recently issued reports about the stock. Royal Bank of Canada set a $158.00 price objective on shares of Concho Resources and gave the stock a buy rating in a report on Thursday, August 24th. SunTrust Banks set a $145.00 price objective on shares of Concho Resources and gave the stock a buy rating in a report on Tuesday, October 31st. Jefferies Group raised shares of Concho Resources from a hold rating to a buy rating and set a $159.00 price objective for the company in a report on Monday, October 9th. Stifel Nicolaus set a $185.00 price objective on shares of Concho Resources and gave the stock a buy rating in a report on Thursday, October 5th. Finally, KeyCorp set a $150.00 price objective on shares of Concho Resources and gave the stock a buy rating in a report on Thursday, October 19th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Concho Resources presently has a consensus rating of Buy and a consensus price target of $152.89.

Shares of Concho Resources (NYSE:CXO) opened at $146.81 on Monday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. Concho Resources has a one year low of $106.73 and a one year high of $147.77. The stock has a market cap of $20,860.00, a P/E ratio of 83.44 and a beta of 1.08.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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%. Concho Resources’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. research analysts expect that Concho Resources will post 1.82 earnings per share for the current year.

Large investors have recently made changes to their positions in the business. Israel Discount Bank of New York boosted its holdings in Concho Resources by 32.0% in the 2nd 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 purchasing an additional 200 shares during the period. Sun Life Financial INC boosted its holdings in Concho Resources by 10,850.0% in the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after purchasing an additional 1,085 shares during the period. Twin Tree Management LP bought a new position in Concho Resources in the 2nd quarter valued at $137,000. C M Bidwell & Associates Ltd. boosted its holdings in Concho Resources by 1.4% in the 2nd 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 purchasing an additional 20 shares during the period. Finally, Commonwealth Equity Services Inc bought a new position in Concho Resources in the 3rd quarter valued at $206,000. 94.47% of the stock is owned by hedge funds and other 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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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