Concho Resources (CXO) Rating Reiterated by Piper Jaffray Companies
Concho Resources (NYSE:CXO)‘s stock had its “buy” rating reissued by investment analysts at Piper Jaffray Companies in a report issued on Tuesday. They presently have a $170.00 target price on the oil and natural gas company’s stock. Piper Jaffray Companies’ price target points to a potential upside of 6.86% from the company’s previous close.
CXO has been the topic of a number of other research reports. Barclays lifted their price target on Concho Resources from $124.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, October 11th. Bank of America raised Concho Resources from a “neutral” rating to a “buy” rating and set a $190.00 price target on the stock in a report on Thursday, January 4th. Cowen reaffirmed a “hold” rating and set a $145.00 price target on shares of Concho Resources in a report on Sunday, October 22nd. Royal Bank of Canada set a $167.00 price target on Concho Resources and gave the company a “buy” rating in a report on Wednesday, December 20th. Finally, Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price target on the stock in a report on Monday, October 16th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $156.37.
Concho Resources (CXO) traded up $1.23 on Tuesday, hitting $159.09. The stock had a trading volume of 879,485 shares, compared to its average volume of 1,050,000. The company has a market capitalization of $23,660.00, a PE ratio of 41.87 and a beta of 1.08. 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 52 week low of $106.73 and a 52 week high of $159.52.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million for the quarter, compared to analysts’ expectations of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. equities analysts forecast that Concho Resources will post 1.86 earnings per share for the current fiscal year.
In related news, Director Ray M. Poage sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the transaction, the director now owns 24,799 shares in the company, valued at $3,741,425.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.99% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of CXO. Pacer Advisors Inc. grew its position in Concho Resources by 8.6% in the second quarter. Pacer Advisors Inc. now owns 2,570 shares of the oil and natural gas company’s stock worth $312,000 after buying an additional 203 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in 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 last quarter. Oppenheimer Asset Management Inc. grew its position in Concho Resources by 37.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 1,854 shares of the oil and natural gas company’s stock worth $226,000 after buying an additional 501 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Concho Resources in the second quarter worth approximately $923,000. Finally, Tredje AP fonden grew its position in Concho Resources by 110.5% in the second quarter. Tredje AP fonden now owns 9,957 shares of the oil and natural gas company’s stock worth $1,210,000 after buying an additional 5,227 shares during the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.
About Concho Resources
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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