Q3 2017 Earnings Estimate for Concho Resources Inc. Issued By Jefferies Group (CXO)
Concho Resources Inc. (NYSE:CXO) – Research analysts at Jefferies Group cut their Q3 2017 earnings per share estimates for shares of Concho Resources in a research note issued on Tuesday. Jefferies Group analyst M. Hsu now expects that the oil and natural gas company will post earnings per share of $0.34 for the quarter, down from their prior estimate of $0.36. Jefferies Group currently has a “Hold” rating and a $109.00 price target on the stock. Jefferies Group also issued estimates for Concho Resources’ Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $1.70 EPS, Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.46 EPS, Q3 2018 earnings at $0.56 EPS, Q4 2018 earnings at $0.57 EPS and FY2018 earnings at $2.03 EPS.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm had revenue of $567 million for the quarter, compared to the consensus estimate of $626.09 million. During the same quarter in the previous year, the business earned $0.26 EPS. The company’s revenue was up 43.2% compared to the same quarter last year. COPYRIGHT VIOLATION WARNING: “Q3 2017 Earnings Estimate for Concho Resources Inc. Issued By Jefferies Group (CXO)” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another publication, it was copied illegally and republished in violation of U.S. & international trademark & copyright legislation. The original version of this piece can be read at https://www.thecerbatgem.com/2017/08/31/q3-2017-earnings-estimate-for-concho-resources-inc-issued-by-jefferies-group-cxo.html.
A number of other analysts also recently issued reports on the stock. BidaskClub raised shares of Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Zacks Investment Research downgraded shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Stifel Nicolaus reaffirmed a “buy” rating and set a $192.00 price objective on shares of Concho Resources in a report on Friday, July 14th. BMO Capital Markets reiterated a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a research report on Thursday, June 22nd. Finally, Citigroup Inc. reduced their target price on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $148.53.
Concho Resources (NYSE:CXO) opened at 108.76 on Thursday. The stock has a market cap of $16.05 billion, a P/E ratio of 25.24 and a beta of 1.09. The stock has a 50 day moving average price of $120.36 and a 200-day moving average price of $126.45. Concho Resources has a 52 week low of $107.11 and a 52 week high of $147.55.
In other news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the transaction, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.99% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in CXO. BlackRock Inc. boosted its position in shares of Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock valued at $1,238,471,000 after buying an additional 9,314,878 shares during the period. JPMorgan Chase & Co. raised its position in shares of Concho Resources by 30.8% in the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after buying an additional 1,599,084 shares during the period. Lime Rock Management LP acquired a new position in shares of Concho Resources during the first quarter worth approximately $198,407,000. Capital World Investors raised its position in shares of Concho Resources by 10.6% in the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after buying an additional 1,034,000 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares during the period. Hedge funds and other institutional investors own 92.41% 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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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