Concho Resources Inc. (NYSE:CXO) – Research analysts at Seaport Global Securities upped their Q3 2016 EPS estimates for shares of Concho Resources in a report issued on Tuesday. Seaport Global Securities analyst M. Kelly now forecasts that the brokerage will post earnings of $0.16 per share for the quarter, up from their previous estimate of $0.11.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.27. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The business earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. During the same quarter last year, the company posted $0.38 earnings per share. Concho Resources’s quarterly revenue was down 26.3% on a year-over-year basis.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of 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. Johnson Rice started coverage on shares of Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating on the stock. Credit Suisse Group AG restated a “buy” rating and set a $154.00 price objective on shares of Concho Resources in a research report on Monday, September 12th. Stifel Nicolaus raised their price objective on shares of Concho Resources from $141.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Finally, Citigroup Inc. raised their price objective on shares of Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a research report on Friday, August 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Concho Resources has a consensus rating of “Buy” and an average target price of $136.40.

Concho Resources (NYSE:CXO) traded up 2.60% during trading on Wednesday, reaching $140.10. The company had a trading volume of 626,823 shares. Concho Resources has a one year low of $69.94 and a one year high of $143.60. The company’s market capitalization is $18.30 billion. The company has a 50-day moving average price of $132.21 and a 200 day moving average price of $123.04.

Large investors have recently bought and sold shares of the company. AXA boosted its position in shares of Concho Resources by 2.7% in the first quarter. AXA now owns 441,385 shares of the company’s stock valued at $44,598,000 after buying an additional 11,643 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of Concho Resources by 49.7% in the first quarter. Pictet Asset Management Ltd. now owns 67,500 shares of the company’s stock valued at $6,091,000 after buying an additional 22,400 shares during the period. BP Capital Fund Advisors LLC boosted its position in shares of Concho Resources by 2.3% in the first quarter. BP Capital Fund Advisors LLC now owns 50,371 shares of the company’s stock valued at $5,089,000 after buying an additional 1,154 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Concho Resources by 197.1% in the first quarter. Meeder Asset Management Inc. now owns 7,479 shares of the company’s stock valued at $755,000 after buying an additional 4,962 shares during the period. Finally, Rafferty Asset Management LLC purchased a new position in shares of Concho Resources during the first quarter valued at about $902,000. 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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