Concho Resources Inc. (NYSE:CXO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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. “

Several other equities analysts have also issued reports on the company. Canaccord Genuity reiterated a “hold” rating and issued a $135.00 target price on shares of Concho Resources in a research note on Monday. KLR Group lifted their target price on Concho Resources from $157.00 to $172.00 and gave the company an “accumulate” rating in a research note on Thursday, November 10th. Jefferies Group set a $123.00 target price on Concho Resources and gave the company a “hold” rating in a research note on Tuesday, November 8th. Bank of America Corp. set a $151.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, November 8th. Finally, Johnson Rice initiated coverage on Concho Resources in a research note on Tuesday, October 4th. They set an “accumulate” rating on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $139.85.

Analyst Recommendations for Concho Resources (NYSE:CXO)

Shares of Concho Resources (NYSE:CXO) traded down 0.11% during trading on Thursday, hitting $138.39. 1,052,549 shares of the stock traded hands. Concho Resources has a 52-week low of $69.94 and a 52-week high of $143.60. The firm’s market cap is $19.51 billion. The stock has a 50 day moving average of $134.35 and a 200 day moving average of $127.10.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.14. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The company had revenue of $430.55 million for the quarter, compared to analyst estimates of $69.10 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was down 7.1% compared to the same quarter last year. Analysts expect that Concho Resources will post $0.43 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Checchi Capital Advisers LLC boosted its stake in shares of Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock valued at $132,000 after buying an additional 18 shares during the last quarter. Syntal Capital Partners LLC boosted its stake in shares of Concho Resources by 1.0% in the second quarter. Syntal Capital Partners LLC now owns 2,755 shares of the company’s stock valued at $328,000 after buying an additional 26 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Concho Resources by 0.9% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 4,972 shares of the company’s stock valued at $593,000 after buying an additional 43 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Concho Resources by 1.7% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,281 shares of the company’s stock valued at $352,000 after buying an additional 54 shares during the last quarter. Finally, Dean Investment Associates LLC boosted its stake in shares of Concho Resources by 1.3% in the third quarter. Dean Investment Associates LLC now owns 4,868 shares of the company’s stock valued at $669,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 92.22% of the company’s stock.

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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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