Concho Resources Inc. (CXO) Given a $123.00 Price Target at Jefferies Group
Several other equities analysts also recently commented on CXO. Morgan Stanley reiterated a buy rating and issued a $187.00 price objective on shares of Concho Resources in a report on Tuesday, August 16th. SunTrust Banks Inc. upped their price objective on shares of Concho Resources from $140.00 to $155.00 and gave the company a buy rating in a report on Thursday, August 4th. Canaccord Genuity reiterated a hold rating on shares of Concho Resources in a report on Wednesday, July 6th. Credit Suisse Group AG reiterated a buy rating and issued a $145.00 price objective on shares of Concho Resources in a report on Friday, August 5th. Finally, BMO Capital Markets reiterated a buy rating and issued a $130.00 price objective on shares of Concho Resources in a report on Wednesday, August 3rd. 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 issued a strong buy rating to the stock. Concho Resources has an average rating of Buy and an average price target of $138.10.
Shares of Concho Resources (NYSE:CXO) traded up 2.4239% during midday trading on Tuesday, hitting $139.8599. 795,941 shares of the company were exchanged. The company has a 50-day moving average of $132.21 and a 200 day moving average of $123.04. The company’s market capitalization is $18.27 billion. Concho Resources has a one year low of $69.94 and a one year high of $143.60.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.27. The business had revenue of $396.30 million for 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 firm’s revenue for the quarter was down 26.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 earnings per share. On average, equities research analysts expect that Concho Resources will post $0.22 earnings per share for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. purchased a new stake in Concho Resources during the second quarter worth $102,000. University of Texas Investment Managment Co. purchased a new stake in Concho Resources during the second quarter worth $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. 91.12% of the stock is owned by institutional investors and hedge funds.
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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