Johnson Rice assumed coverage on shares of Concho Resources Inc. (NYSE:CXO) in a research note published on Tuesday. The brokerage issued an accumulate rating on the stock.

CXO has been the topic of several other research reports. Citigroup Inc. boosted their price objective on shares of Concho Resources from $143.00 to $150.00 and gave the stock a buy rating in a research note on Thursday, August 11th. Deutsche Bank AG reissued a buy rating and issued a $140.00 price objective on shares of Concho Resources in a research note on Thursday, August 4th. Credit Suisse Group AG reissued a buy rating and issued a $154.00 price objective on shares of Concho Resources in a research note on Monday, September 12th. Jefferies Group reissued a hold rating on shares of Concho Resources in a research note on Thursday, August 11th. Finally, Simmons reissued a buy rating on shares of Concho Resources in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Concho Resources currently has a consensus rating of Buy and an average target price of $136.57.

Analyst Recommendations for Concho Resources (NYSE:CXO)

Shares of Concho Resources (NYSE:CXO) opened at 137.20 on Tuesday. The firm’s market cap is $17.92 billion. Concho Resources has a 52 week low of $69.94 and a 52 week high of $138.55. The company’s 50-day moving average price is $130.52 and its 200 day moving average price is $120.54.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.27. The company earned $396.30 million during the quarter, compared to the consensus estimate of $482.50 million. Concho Resources had a negative net margin of 72.25% and a positive return on equity of 0.90%. The company’s revenue for the quarter was down 26.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 earnings per share. On average, equities analysts anticipate that Concho Resources will post $0.22 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Artemis Investment Management LLP raised its stake in Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock worth $10,832,000 after buying an additional 21,528 shares during the last quarter. Legal & General Group Plc raised its stake in Concho Resources by 10.2% in the first quarter. Legal & General Group Plc now owns 518,819 shares of the company’s stock worth $52,424,000 after buying an additional 48,186 shares during the last quarter. National Pension Service raised its stake in Concho Resources by 4.4% in the first quarter. National Pension Service now owns 82,305 shares of the company’s stock worth $8,316,000 after buying an additional 3,497 shares during the last quarter. British Airways Pensions Investment Management Ltd raised its stake in Concho Resources by 16.4% in the second quarter. British Airways Pensions Investment Management Ltd now owns 312,380 shares of the company’s stock worth $37,405,000 after buying an additional 44,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Concho Resources by 17.8% in the second quarter. JPMorgan Chase & Co. now owns 3,582,904 shares of the company’s stock worth $427,335,000 after buying an additional 540,313 shares during the last quarter. Institutional investors own 91.12% 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 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.

5 Day Chart for NYSE:CXO

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