Concho Resources Inc. (CXO) Given Consensus Recommendation of “Buy” by Brokerages
Concho Resources Inc. (NYSE:CXO) has been given an average recommendation of “Buy” by the twenty-four analysts that are currently covering the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $138.89.
A number of equities analysts recently issued reports on the company. Johnson Rice assumed coverage on Concho Resources in a report on Tuesday, October 4th. They issued an “accumulate” rating for the company. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $154.00 price target for the company in a report on Tuesday, October 4th. Morgan Stanley reiterated a “buy” rating and issued a $187.00 price objective on shares of Concho Resources in a research note on Tuesday, August 16th. Credit Suisse Group AG boosted their price objective on Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a research note on Wednesday, August 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Concho Resources from $127.00 to $138.00 and gave the company an “overweight” rating in a research note on Monday, August 15th.
Concho Resources (NYSE:CXO) traded down 0.32% during midday trading on Tuesday, reaching $136.49. 332,639 shares of the company were exchanged. Concho Resources has a 52-week low of $69.94 and a 52-week high of $143.60. The company’s market capitalization is $17.83 billion. The company has a 50 day moving average of $132.10 and a 200-day moving average of $122.79.
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, beating the Zacks’ consensus estimate of ($0.01) by $0.27. The firm earned $396.30 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 26.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 earnings per share. On average, equities research analysts anticipate that Concho Resources will post $0.22 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. raised its stake in Concho Resources by 1,188.8% in the first quarter. Prudential Financial Inc. now owns 159,875 shares of the company’s stock worth $16,153,000 after buying an additional 147,470 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Concho Resources during the first quarter worth approximately $551,000. M&T Bank Corp raised its stake in Concho Resources by 16.4% in the first quarter. M&T Bank Corp now owns 9,342 shares of the company’s stock worth $943,000 after buying an additional 1,318 shares during the last quarter. ING Groep NV bought a new stake in Concho Resources during the first quarter worth approximately $298,000. Finally, Aviva PLC raised its stake in Concho Resources by 6.8% in the first quarter. Aviva PLC now owns 70,519 shares of the company’s stock worth $7,125,000 after buying an additional 4,512 shares during the last quarter. 91.12% of the stock is currently owned by institutional investors and hedge funds.
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.
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