MKM Partners initiated coverage on shares of Concho Resources (NYSE:CXO) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $176.00 price target on the oil and natural gas company’s stock. MKM Partners’ price target would indicate a potential upside of 45.67% from the company’s current price.

Other equities analysts have also issued reports about the company. TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Jefferies Financial Group set a $203.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Friday, October 5th. Piper Jaffray Companies set a $193.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Sunday, September 30th. SunTrust Banks raised Concho Resources from a “hold” rating to a “buy” rating and boosted their price target for the stock from $155.00 to $170.00 in a research report on Monday, September 24th. Finally, ValuEngine raised Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. Eight research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $180.32.

Concho Resources stock opened at $120.82 on Wednesday. The company has a market cap of $25.71 billion, a P/E ratio of 57.81, a P/E/G ratio of 0.89 and a beta of 1.02. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. Concho Resources has a one year low of $117.74 and a one year high of $163.11.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.15 by $0.27. The firm 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 revenue for the quarter was up 90.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS. Sell-side analysts expect that Concho Resources will post 4.97 EPS for the current year.

In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the sale, the senior vice president now directly owns 16,193 shares in the company, valued at approximately $2,264,752.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CXO. Cornerstone Wealth Management LLC bought a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $232,000. Janney Montgomery Scott LLC bought a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $330,000. Piedmont Investment Advisors LLC bought a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $242,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Concho Resources by 16.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 36,600 shares of the oil and natural gas company’s stock valued at $5,064,000 after acquiring an additional 5,088 shares during the last quarter. Finally, TD Asset Management Inc. increased its holdings in shares of Concho Resources by 19.8% in the 2nd quarter. TD Asset Management Inc. now owns 130,717 shares of the oil and natural gas company’s stock valued at $18,085,000 after acquiring an additional 21,567 shares during the last quarter. Institutional investors and hedge funds own 94.29% of the company’s stock.

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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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