Concho Resources (CXO) Receives New Coverage from Analysts at Citigroup
Citigroup started coverage on shares of Concho Resources (NYSE:CXO) in a research report sent to investors on Tuesday, 24/7 WallStreet reports. The firm issued a buy rating and a $112.00 price objective on the oil and natural gas company’s stock.
CXO has been the topic of a number of other research reports. TheStreet cut Concho Resources from a b- rating to a c+ rating in a research note on Monday, March 18th. Credit Suisse Group set a $132.00 price objective on shares of Concho Resources and gave the stock a hold rating in a research report on Wednesday, February 20th. KeyCorp reiterated a buy rating and issued a $121.00 price objective on shares of Concho Resources in a report on Friday, February 22nd. Raymond James set a $185.00 price objective on shares of Concho Resources and gave the company a buy rating in a report on Sunday, December 30th. Finally, Williams Capital set a $182.00 price objective on shares of Concho Resources and gave the company a buy rating in a research report on Wednesday, February 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Concho Resources currently has a consensus rating of Buy and an average price target of $164.88.
Shares of NYSE CXO opened at $108.09 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $22.47 billion, a price-to-earnings ratio of 23.55, a price-to-earnings-growth ratio of 0.86 and a beta of 1.11. Concho Resources has a twelve month low of $93.31 and a twelve month high of $163.11.
The firm also recently disclosed a special dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, February 28th. Concho Resources’s dividend payout ratio is currently 10.89%.
In other news, SVP Scott Kidwell sold 4,200 shares of the stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $110.02, for a total transaction of $462,084.00. Following the sale, the senior vice president now directly owns 7,628 shares of the company’s stock, valued at approximately $839,232.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven L. Beal sold 7,500 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $99.90, for a total value of $749,250.00. Following the sale, the director now directly owns 69,096 shares in the company, valued at $6,902,690.40. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CXO. Vanguard Group Inc increased its holdings in Concho Resources by 34.6% in the 3rd quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after buying an additional 5,380,400 shares during the period. Vanguard Group Inc. raised its position in shares of Concho Resources by 34.6% in the 3rd quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after buying an additional 5,380,400 shares in the last quarter. Capital International Investors lifted its holdings in shares of Concho Resources by 6,733.1% during the 3rd quarter. Capital International Investors now owns 5,405,015 shares of the oil and natural gas company’s stock worth $825,616,000 after acquiring an additional 5,325,915 shares during the period. Norges Bank bought a new stake in shares of Concho Resources during the 4th quarter worth approximately $166,890,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Concho Resources by 38.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock worth $757,752,000 after acquiring an additional 1,377,981 shares in the last quarter. Institutional investors own 94.65% of the company’s stock.
Concho Resources Company Profile
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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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