Concho Resources (CXO) Given New $163.00 Price Target at Morgan Stanley
Concho Resources (NYSE:CXO) had its price objective lifted by analysts at Morgan Stanley from $155.00 to $163.00 in a research report issued on Wednesday. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 8.29% from the company’s current price.
CXO has been the subject of several other reports. TheStreet downgraded Concho Resources from a “b” rating to a “c+” rating in a research note on Tuesday, August 14th. SunTrust Banks raised Concho Resources from a “hold” rating to a “buy” rating and increased their price objective for the stock from $155.00 to $170.00 in a research note on Monday. TD Securities started coverage on Concho Resources in a research note on Thursday, July 5th. They issued a “hold” rating and a $150.00 price objective for the company. Piper Jaffray Companies reissued a “buy” rating and issued a $220.00 price objective on shares of Concho Resources in a research note on Friday, July 20th. Finally, Sanford C. Bernstein downgraded Concho Resources from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $180.00 to $130.00 in a research note on Thursday, June 7th. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Concho Resources presently has an average rating of “Buy” and a consensus target price of $177.00.
Shares of Concho Resources stock opened at $150.52 on Wednesday. The company has a market capitalization of $30.23 billion, a PE ratio of 72.02 and a beta of 1.00. Concho Resources has a 52 week low of $123.63 and a 52 week high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75.
In other Concho Resources news, SVP Erick Nelson sold 11,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total transaction of $1,473,780.00. Following the completion of the transaction, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at $6,840,750.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the transaction, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,500 shares of company stock valued at $2,376,320. 1.10% 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. Oppenheimer Asset Management Inc. grew its holdings in Concho Resources by 19.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 2,348 shares of the oil and natural gas company’s stock valued at $353,000 after purchasing an additional 386 shares during the period. Natixis Advisors L.P. bought a new position in Concho Resources during the first quarter valued at $1,822,000. Franklin Resources Inc. grew its holdings in Concho Resources by 26.9% during the first quarter. Franklin Resources Inc. now owns 338,050 shares of the oil and natural gas company’s stock valued at $50,820,000 after purchasing an additional 71,712 shares during the period. New York State Common Retirement Fund grew its holdings in Concho Resources by 3.2% during the first quarter. New York State Common Retirement Fund now owns 375,917 shares of the oil and natural gas company’s stock valued at $56,512,000 after purchasing an additional 11,800 shares during the period. Finally, Norinchukin Bank The grew its holdings in Concho Resources by 14.9% during the first quarter. Norinchukin Bank The now owns 13,659 shares of the oil and natural gas company’s stock valued at $2,053,000 after purchasing an additional 1,770 shares during the period. 77.40% of the stock is owned by institutional investors and hedge funds.
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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