SunTrust Banks upgraded shares of Concho Resources (NYSE:CXO) from a hold rating to a buy rating in a research note released on Monday, Marketbeat reports. They currently have $170.00 price target on the oil and natural gas company’s stock, up from their prior price target of $155.00.

A number of other equities analysts also recently weighed in on CXO. Zacks Investment Research raised shares of Concho Resources from a hold rating to a strong-buy rating and set a $143.00 price target on the stock in a report on Monday, June 25th. Susquehanna Bancshares assumed coverage on shares of Concho Resources in a report on Wednesday, July 11th. They issued a positive rating and a $175.00 price target on the stock. ValuEngine raised shares of Concho Resources from a hold rating to a buy rating in a report on Wednesday, September 19th. Piper Jaffray Companies reissued a buy rating and issued a $220.00 price target on shares of Concho Resources in a report on Friday, July 20th. Finally, Royal Bank of Canada reissued a buy rating and issued a $200.00 price target on shares of Concho Resources in a report on Friday, July 13th. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Concho Resources presently has a consensus rating of Buy and an average target price of $177.00.

Shares of NYSE:CXO opened at $150.52 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $29.45 billion, a P/E ratio of 72.20 and a beta of 1.00. Concho Resources has a fifty-two week low of $123.63 and a fifty-two week high of $163.11.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.32. The company had revenue of $945.00 million for the quarter, compared to the consensus estimate of $906.82 million. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The firm’s quarterly revenue was up 66.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. analysts expect that Concho Resources will post 4.67 EPS for the current year.

In other news, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated 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 $2,264,752.98. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mark B. Puckett purchased 2,000 shares of the firm’s stock in a transaction dated Monday, August 6th. The shares were bought at an average price of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the transaction, the director now owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The disclosure for this purchase can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Summit X LLC bought a new stake in shares of Concho Resources during the second quarter valued at about $203,000. Royal London Asset Management Ltd. bought a new stake in shares of Concho Resources during the second quarter valued at about $12,884,000. Northern Trust Corp increased its position in shares of Concho Resources by 7.8% during the second quarter. Northern Trust Corp now owns 1,886,454 shares of the oil and natural gas company’s stock valued at $260,990,000 after buying an additional 135,960 shares during the period. Global X Management Co LLC increased its position in shares of Concho Resources by 48.3% during the second quarter. Global X Management Co LLC now owns 4,384 shares of the oil and natural gas company’s stock valued at $607,000 after buying an additional 1,427 shares during the period. Finally, Verition Fund Management LLC increased its position in shares of Concho Resources by 50.5% during the second quarter. Verition Fund Management LLC now owns 9,000 shares of the oil and natural gas company’s stock valued at $1,245,000 after buying an additional 3,019 shares during the period. Hedge funds and other institutional investors own 77.40% 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, 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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