Concho Resources Inc. (CXO) Expected to Earn FY2017 Earnings of $1.89 Per Share
Concho Resources Inc. (NYSE:CXO) – Jefferies Group upped their FY2017 earnings per share (EPS) estimates for shares of Concho Resources in a research note issued to investors on Thursday. Jefferies Group analyst M. Lear now forecasts that the oil and natural gas company will earn $1.89 per share for the year, up from their prior forecast of $1.51. Jefferies Group currently has a “Buy” rating and a $159.00 price target on the stock. Jefferies Group also issued estimates for Concho Resources’ Q4 2017 earnings at $0.44 EPS, Q1 2018 earnings at $0.50 EPS, Q2 2018 earnings at $0.54 EPS, Q3 2018 earnings at $0.66 EPS, Q4 2018 earnings at $0.71 EPS, FY2018 earnings at $2.42 EPS, Q1 2019 earnings at $0.86 EPS, Q2 2019 earnings at $0.93 EPS, Q3 2019 earnings at $1.01 EPS and FY2019 earnings at $3.88 EPS.
Other equities analysts have also issued research reports about the company. Citigroup Inc. decreased their target price on Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Cowen and Company set a $145.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, July 18th. ValuEngine raised Concho Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Piper Jaffray Companies decreased their target price on Concho Resources from $167.00 to $142.00 and set an “overweight” rating for the company in a research report on Monday, September 18th. Finally, Barclays PLC decreased their target price on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, August 8th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $150.80.
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Concho Resources (NYSE CXO) opened at $142.85 on Monday. The company has a market capitalization of $21,241.22, a PE ratio of 86.05 and a beta of 1.09. 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 (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping 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 net margin of 24.19% and a return on equity of 2.92%. Concho Resources’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS.
In related news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the sale, the vice president now directly owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.99% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB boosted its stake in Concho Resources by 33.6% in the 2nd quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock worth $968,000 after purchasing an additional 2,003 shares during the period. Texas Capital Bancshares Inc. TX boosted its stake in Concho Resources by 5.5% in the 3rd quarter. Texas Capital Bancshares Inc. TX now owns 7,274 shares of the oil and natural gas company’s stock worth $958,000 after purchasing an additional 380 shares during the period. Capital Advisors Inc. OK bought a new position in Concho Resources in the 2nd quarter worth approximately $2,093,000. Birinyi Associates Inc. boosted its stake in Concho Resources by 4.3% in the 2nd quarter. Birinyi Associates Inc. now owns 11,000 shares of the oil and natural gas company’s stock worth $1,337,000 after purchasing an additional 450 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Concho Resources by 1.1% in the 2nd quarter. Wells Fargo & Company MN now owns 2,054,048 shares of the oil and natural gas company’s stock worth $249,628,000 after purchasing an additional 22,167 shares during the period. Institutional investors and hedge funds own 92.34% of the company’s stock.
Concho Resources Company Profile
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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