Concho Resources Inc. (CXO) PT Lowered to $149.00 at Citigroup Inc.
Concho Resources Inc. (NYSE:CXO) had its price objective cut by investment analysts at Citigroup Inc. from $151.00 to $149.00 in a report issued on Tuesday. The firm presently has a “buy” rating on the oil and natural gas company’s stock. Citigroup Inc.’s target price points to a potential upside of 31.73% from the stock’s previous close.
Several other equities research analysts have also weighed in on CXO. Credit Suisse Group set a $158.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, May 6th. Royal Bank Of Canada set a $178.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, June 17th. Zacks Investment Research lowered shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. BidaskClub downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. Finally, Barclays PLC lowered their price objective on shares of Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. Concho Resources currently has an average rating of “Hold” and a consensus price target of $152.68.
Concho Resources (NYSE CXO) traded down 1.85% during trading on Tuesday, reaching $111.02. 226,631 shares of the company’s stock traded hands. The firm’s 50 day moving average is $123.11 and its 200 day moving average is $128.29. The company has a market cap of $16.38 billion, a P/E ratio of 25.76 and a beta of 1.09. Concho Resources has a 12 month low of $110.91 and a 12 month high of $147.55.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $567 million for the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. Analysts anticipate that Concho Resources will post $1.61 EPS for the current year.
In other news, Director Lawrence J. Nagy sold 120,000 shares of Concho Resources stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total value of $32,400.00. Also, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the transaction, the vice president now directly owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock worth $1,238,471,000 after buying an additional 9,314,878 shares during the period. JPMorgan Chase & Co. increased its position in shares of Concho Resources by 30.8% in the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after buying an additional 1,599,084 shares during the period. Lime Rock Management LP purchased a new position in shares of Concho Resources during the first quarter worth approximately $198,407,000. Capital World Investors increased its position in shares of Concho Resources by 10.6% in the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after buying an additional 1,034,000 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares during the period. 92.44% of the stock is owned by institutional investors.
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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