Q3 2017 Earnings Forecast for Concho Resources Inc. (CXO) Issued By Jefferies Group
Concho Resources Inc. (NYSE:CXO) – Analysts at Jefferies Group decreased their Q3 2017 earnings estimates for Concho Resources in a research note issued to investors on Tuesday. Jefferies Group analyst M. Hsu now forecasts that the oil and natural gas company will earn $0.34 per share for the quarter, down from their previous estimate of $0.36. Jefferies Group has a “Hold” rating and a $109.00 price objective on the stock. Jefferies Group also issued estimates for Concho Resources’ Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $1.70 EPS, Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.46 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.03 EPS.
A number of other research firms have also recently commented on CXO. BMO Capital Markets reissued a “buy” rating and issued a $180.00 price target on shares of Concho Resources in a report on Monday, May 15th. Piper Jaffray Companies reissued an “overweight” rating and issued a $172.00 price target (up from $171.00) on shares of Concho Resources in a report on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $178.00 price objective on shares of Concho Resources in a research note on Friday, May 12th. Credit Suisse Group set a $158.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Saturday, May 6th. Finally, ValuEngine raised Concho Resources from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $148.53.
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Shares of Concho Resources (NYSE:CXO) opened at 111.79 on Thursday. Concho Resources has a one year low of $107.73 and a one year high of $147.55. The stock has a market capitalization of $16.49 billion, a P/E ratio of 25.94 and a beta of 1.12. The stock has a 50 day moving average of $118.59 and a 200-day moving average of $125.40.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567 million for the quarter, compared to the consensus estimate of $626.09 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The company’s revenue for the quarter was up 43.2% on a year-over-year basis.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction on Friday, August 11th. The stock was 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 in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.99% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Concho Resources by 3.1% in the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after buying an additional 454,428 shares in the last quarter. Capital World Investors boosted its stake 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 valued at $1,311,613,000 after buying an additional 1,034,000 shares in the last quarter. BlackRock Inc. boosted its stake 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 valued at $1,238,471,000 after buying an additional 9,314,878 shares in the last quarter. State Street Corp boosted its stake in shares of Concho Resources by 0.3% in the second quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock valued at $959,272,000 after buying an additional 20,760 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake 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 valued at $825,288,000 after buying an additional 1,599,084 shares in the last quarter. Institutional investors and hedge funds own 92.41% 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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