SunTrust Banks Research Analysts Decrease Earnings Estimates for Concho Resources Inc. (CXO)
Concho Resources Inc. (NYSE:CXO) – Equities researchers at SunTrust Banks dropped their Q4 2016 earnings per share (EPS) estimates for shares of Concho Resources in a research report issued to clients and investors on Thursday. SunTrust Banks analyst N. Dingmann now expects that the firm will earn ($0.12) per share for the quarter, down from their prior forecast of ($0.06). SunTrust Banks has a “Buy” rating and a $155.00 price objective on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q1 2017 earnings at ($0.10) EPS, Q2 2017 earnings at ($0.02) EPS, Q3 2017 earnings at $0.04 EPS, Q4 2017 earnings at $0.10 EPS and FY2017 earnings at $0.02 EPS.
A number of other brokerages have also commented on CXO. Johnson Rice assumed coverage on Concho Resources in a research report on Tuesday, October 4th. They issued an “accumulate” rating for the company. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $154.00 target price for the company in a research report on Tuesday, October 4th. Jefferies Group set a $123.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, October 18th. Morgan Stanley restated a “buy” rating and set a $187.00 target price on shares of Concho Resources in a research report on Tuesday, August 16th. Finally, Bank of America Corp. set a $151.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, November 8th. One 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 assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $139.14.
Concho Resources (NYSE:CXO) opened at 128.41 on Monday. The company’s 50-day moving average is $133.86 and its 200 day moving average is $126.06. The company’s market cap is $18.10 billion. Concho Resources has a 12 month low of $69.94 and a 12 month high of $143.60.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.14. The firm had revenue of $430.55 million for the quarter, compared to analyst estimates of $69.10 million. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Exxonmobil Investment Management Inc. TX raised its position in shares of Concho Resources by 7.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 33,741 shares of the company’s stock worth $4,024,000 after buying an additional 2,299 shares in the last quarter. DNB Asset Management AS raised its position in shares of Concho Resources by 2.8% in the second quarter. DNB Asset Management AS now owns 10,855 shares of the company’s stock worth $1,295,000 after buying an additional 300 shares in the last quarter. Raymond James Trust N.A. raised its position in shares of Concho Resources by 8.0% in the second quarter. Raymond James Trust N.A. now owns 5,290 shares of the company’s stock worth $631,000 after buying an additional 392 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Concho Resources during the first quarter worth approximately $255,000. Finally, Avalon Advisors LLC raised its position in shares of Concho Resources by 42.9% in the first quarter. Avalon Advisors LLC now owns 8,228 shares of the company’s stock worth $831,000 after buying an additional 2,469 shares in the last quarter. 95.29% of the stock is currently owned by hedge funds and other institutional investors.
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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