Concho Resources Inc. (CXO) Stock Rating Upgraded by Zacks Investment Research
Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $149.00 price target on the oil and natural gas company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.68% from the company’s current price.
According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +8% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
Several other analysts have also recently commented on the stock. Barclays PLC boosted their price target on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Jefferies Group LLC upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research note on Monday, October 9th. Stifel Nicolaus set a $185.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. Royal Bank Of Canada reiterated a “buy” rating and issued a $158.00 price target on shares of Concho Resources in a research note on Friday, September 29th. Finally, Piper Jaffray Companies decreased their price target on shares of Concho Resources from $167.00 to $142.00 and set an “overweight” rating on the stock in a research note on Monday, September 18th. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Concho Resources currently has a consensus rating of “Buy” and an average price target of $150.94.
Concho Resources (NYSE CXO) opened at 133.42 on Monday. The company has a market cap of $19.68 billion, a PE ratio of 30.96 and a beta of 1.14. The company has a 50-day moving average price of $124.40 and a 200-day moving average price of $124.27. Concho Resources has a 1-year low of $106.73 and a 1-year high of $147.55.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million for the quarter, compared to analysts’ expectations of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts expect that Concho Resources will post $1.61 EPS for the current fiscal year.
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In related news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the transaction, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.99% of the company’s stock.
A number of large investors have recently modified their holdings of CXO. BlackRock Inc. grew its holdings in Concho Resources by 2,780.2% during the 1st 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 purchasing an additional 9,314,878 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Concho Resources by 30.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock valued at $825,288,000 after purchasing an additional 1,599,084 shares during the last quarter. Lime Rock Management LP bought a new position in Concho Resources during the 1st quarter valued at about $198,407,000. Capital World Investors grew its holdings in Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock valued at $1,311,613,000 after purchasing an additional 1,034,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Concho Resources by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock valued at $1,884,670,000 after purchasing an additional 653,569 shares during the last quarter. Institutional investors own 92.35% 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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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