Stephens began coverage on shares of Concho Resources (NYSE:CXO) in a research report released on Thursday, MarketBeat reports. The brokerage issued an equal weight rating and a $185.00 price target on the oil and natural gas company’s stock.

CXO has been the subject of several other research reports. JPMorgan Chase & Co. set a $188.00 price objective on Concho Resources and gave the stock a buy rating in a report on Monday, October 29th. Wells Fargo & Co began coverage on Concho Resources in a report on Wednesday, October 24th. They set an outperform rating and a $209.00 price objective for the company. KLR Group reissued a buy rating and set a $175.00 price objective on shares of Concho Resources in a report on Monday, August 20th. ValuEngine lowered Concho Resources from a buy rating to a hold rating in a report on Thursday, November 8th. Finally, TheStreet raised Concho Resources from a c+ rating to a b rating in a report on Friday, September 28th. Nine investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Concho Resources currently has a consensus rating of Buy and a consensus target price of $179.12.

Shares of NYSE CXO traded up $4.08 during midday trading on Thursday, hitting $124.90. 937,239 shares of the company’s stock were exchanged, compared to its average volume of 1,686,842. Concho Resources has a 12-month low of $117.74 and a 12-month high of $163.11. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $25.71 billion, a price-to-earnings ratio of 59.76, a PEG ratio of 0.89 and a beta of 1.02.

Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Concho Resources’s revenue was up 90.1% on a year-over-year basis. On average, analysts predict that Concho Resources will post 4.97 earnings per share for the current year.

In related news, SVP Lee Price Moncrief sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Concho Resources by 34.6% in the third 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 purchasing an additional 5,380,400 shares during the last quarter. Capital International Investors lifted its position in Concho Resources by 6,733.1% in the third quarter. Capital International Investors now owns 5,405,015 shares of the oil and natural gas company’s stock valued at $825,616,000 after purchasing an additional 5,325,915 shares during the last quarter. Capital World Investors lifted its position in Concho Resources by 18.6% in the third quarter. Capital World Investors now owns 21,979,324 shares of the oil and natural gas company’s stock valued at $3,357,342,000 after purchasing an additional 3,450,629 shares during the last quarter. BlackRock Inc. lifted its position in Concho Resources by 33.2% in the third quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock valued at $2,029,458,000 after purchasing an additional 3,315,173 shares during the last quarter. Finally, Capital Research Global Investors lifted its position in Concho Resources by 8.2% in the third quarter. Capital Research Global Investors now owns 18,785,086 shares of the oil and natural gas company’s stock valued at $2,869,422,000 after purchasing an additional 1,416,319 shares during the last quarter. Institutional investors own 94.29% of the company’s stock.

About Concho Resources

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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