Concho Resources Inc. (CXO) Stock Rating Upgraded by Zacks Investment Research
Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $154.00 price target on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.24% from the stock’s current price.
According to Zacks, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays. “
A number of other research analysts have also recently commented on CXO. Seaport Global Securities upgraded Concho Resources from a “neutral” rating to an “accumulate” rating and set a $140.00 target price for the company in a research note on Tuesday, June 7th. Morgan Stanley upgraded Concho Resources from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $83.00 to $173.00 in a research note on Monday, June 13th. Deutsche Bank AG lifted their price objective on Concho Resources from $132.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, June 14th. Canaccord Genuity reiterated a “hold” rating on shares of Concho Resources in a research note on Wednesday, July 6th. Finally, TheStreet upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $136.57.
Shares of Concho Resources (NYSE:CXO) traded down 0.33% on Tuesday, reaching $137.20. The company’s stock had a trading volume of 1,179,564 shares. Concho Resources has a 52-week low of $69.94 and a 52-week high of $138.55. The stock has a 50-day moving average of $130.50 and a 200 day moving average of $120.31. The company’s market cap is $17.92 billion.
Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.27. The company earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The firm’s revenue for the quarter was down 26.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.38 EPS. On average, equities research analysts forecast that Concho Resources will post $0.22 earnings per share for the current year.
Large investors have recently bought and sold shares of the company. Advisor Group Inc. purchased a new stake in Concho Resources during the second quarter worth approximately $102,000. University of Texas Investment Managment Co. purchased a new stake in Concho Resources during the second quarter worth approximately $110,000. Checchi Capital Advisers LLC increased its stake in Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock worth $132,000 after buying an additional 18 shares in the last quarter. Creative Planning increased its stake in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock worth $162,000 after buying an additional 259 shares in the last quarter. Finally, Exane Derivatives increased its stake in Concho Resources by 16.6% in the second quarter. Exane Derivatives now owns 1,620 shares of the company’s stock worth $193,000 after buying an additional 231 shares in the last quarter. Institutional investors own 91.12% 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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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