Concho Resources’ (CXO) “Hold” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Concho Resources Inc. (NYSE:CXO) in a research note published on Tuesday morning. The firm currently has a $109.00 price target on the oil and natural gas company’s stock, down from their previous price target of $130.00. Jefferies Group also issued estimates for Concho Resources’ Q3 2017 earnings at $0.34 EPS, Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $1.70 EPS, Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.46 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.03 EPS.
CXO has been the topic of several other reports. Royal Bank Of Canada set a $158.00 price target on shares of Concho Resources and gave the company a buy rating in a research note on Thursday, August 24th. Citigroup Inc. lowered their price target on shares of Concho Resources from $168.00 to $166.00 and set a buy rating on the stock in a research note on Thursday, July 13th. ValuEngine upgraded shares of Concho Resources from a sell rating to a hold rating in a research note on Friday, June 2nd. Credit Suisse Group set a $164.00 price target on shares of Concho Resources and gave the company a buy rating in a research note on Friday, June 2nd. Finally, Scotiabank set a $156.00 price target on shares of Concho Resources and gave the company a buy rating in a research note on Thursday, May 4th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $148.53.
Shares of Concho Resources (NYSE CXO) opened at 111.79 on Tuesday. The stock’s 50 day moving average price is $118.59 and its 200-day moving average price is $125.40. Concho Resources has a 12 month low of $107.73 and a 12 month high of $147.55. The firm has a market cap of $16.49 billion, a P/E ratio of 25.94 and a beta of 1.12.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567 million for the quarter, compared to analyst estimates of $626.09 million. During the same period in the previous year, the business earned $0.26 EPS. The company’s revenue was up 43.2% compared to the same quarter last year. Equities research analysts anticipate that Concho Resources will post $1.62 earnings per share for the current fiscal year.
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In related news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the transaction, the vice president now owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.99% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CXO. Syntal Capital Partners LLC raised its position in shares of Concho Resources by 0.7% in the first quarter. Syntal Capital Partners LLC now owns 2,773 shares of the oil and natural gas company’s stock worth $355,000 after buying an additional 19 shares during the period. C M Bidwell & Associates Ltd. raised its position in shares of Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after buying an additional 20 shares during the period. Wetherby Asset Management Inc. raised its position in shares of Concho Resources by 1.6% in the first quarter. Wetherby Asset Management Inc. now owns 1,733 shares of the oil and natural gas company’s stock worth $222,000 after buying an additional 27 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Concho Resources by 1.0% in the second quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock worth $426,000 after buying an additional 35 shares during the period. Finally, Cadence Capital Management LLC raised its position in shares of Concho Resources by 0.9% in the second quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock worth $639,000 after buying an additional 48 shares during the period. Institutional investors and hedge funds own 92.41% 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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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