Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $144.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 7.79% from the company’s previous close.

According to Zacks, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays. “

A number of other equities research analysts have also issued reports on CXO. KLR Group increased their price objective on shares of Concho Resources from $138.00 to $153.00 and gave the company an “accumulate” rating in a report on Wednesday, August 3rd. BMO Capital Markets reaffirmed a “buy” rating and set a $130.00 price objective on shares of Concho Resources in a report on Wednesday, August 3rd. TheStreet raised shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Citigroup Inc. increased their price objective on shares of Concho Resources from $143.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, August 11th. Finally, Jefferies Group set a $123.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a report on Tuesday, November 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $139.14.

Analyst Recommendations for Concho Resources (NYSE:CXO)

Shares of Concho Resources (NYSE:CXO) traded down 0.62% during midday trading on Monday, hitting $132.76. 61,973 shares of the stock were exchanged. The firm’s 50-day moving average is $133.86 and its 200 day moving average is $126.06. The firm’s market cap is $18.72 billion. Concho Resources has a 52-week low of $69.94 and a 52-week high of $143.60.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, November 8th. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.14. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The company had revenue of $430.55 million for the quarter, compared to analysts’ expectations of $69.10 million. During the same quarter last year, the business earned $0.33 EPS. The firm’s revenue was down 7.1% compared to the same quarter last year. On average, analysts forecast that Concho Resources will post $0.41 earnings per share for the current year.

Several large investors have recently modified their holdings of CXO. Artemis Investment Management LLP raised its stake in shares of Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock worth $10,832,000 after buying an additional 21,528 shares during the last quarter. Standard Life Investments LTD raised its stake in shares of Concho Resources by 30.3% in the second quarter. Standard Life Investments LTD now owns 684,574 shares of the company’s stock worth $81,646,000 after buying an additional 159,042 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Concho Resources by 7.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,106,833 shares of the company’s stock worth $132,012,000 after buying an additional 79,559 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Concho Resources by 10.2% in the first quarter. Legal & General Group Plc now owns 518,819 shares of the company’s stock worth $52,424,000 after buying an additional 48,186 shares during the last quarter. Finally, British Airways Pensions Investment Management Ltd raised its stake in shares of Concho Resources by 16.4% in the second quarter. British Airways Pensions Investment Management Ltd now owns 312,380 shares of the company’s stock worth $37,405,000 after buying an additional 44,000 shares during the last quarter. Institutional investors and hedge funds own 95.29% of the company’s stock.

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.

5 Day Chart for NYSE:CXO

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