Bank of America Corp. Analysts Give Concho Resources Inc. (CXO) a $151.00 Price Target
A number of other brokerages have also weighed in on CXO. SunTrust Banks Inc. raised their price objective on Concho Resources from $140.00 to $155.00 and gave the company a buy rating in a report on Thursday, August 4th. Zacks Investment Research lowered Concho Resources from a buy rating to a hold rating in a report on Monday, August 15th. Canaccord Genuity restated a hold rating and issued a $120.00 price objective (up previously from $104.00) on shares of Concho Resources in a report on Thursday, August 18th. BMO Capital Markets restated a buy rating and issued a $130.00 price objective on shares of Concho Resources in a report on Wednesday, August 3rd. Finally, KLR Group raised their price objective on Concho Resources from $138.00 to $153.00 and gave the company an accumulate rating in a report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $139.04.
Concho Resources (NYSE:CXO) opened at 131.25 on Tuesday. The company’s market cap is $17.14 billion. The firm’s 50-day moving average is $133.88 and its 200-day moving average is $125.97. Concho Resources has a 52-week low of $69.94 and a 52-week high of $143.60.
Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.14. Concho Resources had a positive return on equity of 0.96% and a negative net margin of 89.23%. The firm had revenue of $430.55 million for the quarter, compared to analyst estimates of $69.10 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue was down 7.1% on a year-over-year basis. On average, equities research analysts anticipate that Concho Resources will post $0.29 EPS for the current year.
Large investors have recently bought and sold shares of the company. Carmignac Gestion acquired a new stake in Concho Resources during the second quarter valued at $209,179,000. JPMorgan Chase & Co. boosted its stake in Concho Resources by 43.6% in the third quarter. JPMorgan Chase & Co. now owns 5,144,449 shares of the company’s stock valued at $706,590,000 after buying an additional 1,561,545 shares during the last quarter. Capital Research Global Investors boosted its stake in Concho Resources by 10.8% in the second quarter. Capital Research Global Investors now owns 14,270,430 shares of the company’s stock valued at $1,702,034,000 after buying an additional 1,388,475 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in Concho Resources by 39.6% in the third quarter. TIAA CREF Investment Management LLC now owns 4,120,419 shares of the company’s stock valued at $565,940,000 after buying an additional 1,169,713 shares during the last quarter. Finally, Standard Life Investments LTD boosted its stake in Concho Resources by 143.1% in the third quarter. Standard Life Investments LTD now owns 1,663,885 shares of the company’s stock valued at $228,502,000 after buying an additional 979,311 shares during the last quarter. Hedge funds and other institutional investors own 92.30% 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.
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