Equities Analysts Set Expectations for Concho Resources Inc.’s Q3 2018 Earnings (CXO)
Concho Resources Inc. (NYSE:CXO) – KeyCorp issued their Q3 2018 earnings per share estimates for shares of Concho Resources in a note issued to investors on Tuesday. KeyCorp analyst D. Deckelbaum anticipates that the brokerage will post earnings of $0.38 per share for the quarter. KeyCorp also issued estimates for Concho Resources’ FY2018 earnings at $1.30 EPS.
Several other analysts have also weighed in on the stock. Morgan Stanley set a $173.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Deutsche Bank AG boosted their price target on shares of Concho Resources from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $154.00 price target for the company in a research note on Tuesday, October 4th. Johnson Rice began coverage on shares of Concho Resources in a research note on Tuesday, October 4th. They set an “accumulate” rating for the company. Finally, Citigroup Inc. boosted their price target on shares of Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a research note on Friday, August 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $139.85.
Shares of Concho Resources (NYSE:CXO) traded up 0.02% during trading on Wednesday, hitting $138.57. 695,419 shares of the stock traded hands. Concho Resources has a 1-year low of $69.94 and a 1-year high of $143.60. The stock has a 50 day moving average price of $134.31 and a 200-day moving average price of $127.02. The stock’s market cap is $19.53 billion.
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 Thomson Reuters’ consensus estimate of $0.19 by $0.14. The company 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 was down 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 earnings per share.
Several hedge funds and other institutional investors have recently bought and sold shares of CXO. Carmignac Gestion bought a new position in Concho Resources during the second quarter valued at $209,179,000. JPMorgan Chase & Co. boosted its position 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 period. Capital Research Global Investors boosted its position 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 period. TIAA CREF Investment Management LLC boosted its position 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 period. Finally, Standard Life Investments LTD boosted its position 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 period. Institutional investors own 92.22% of the company’s stock.
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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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