Concho Resources (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $157.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 6.94% from the stock’s current price.

According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained 4.7% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which lost 0.3% 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 multiyear 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.”

CXO has been the topic of a number of other research reports. Jefferies Group reiterated a “buy” rating and issued a $173.00 price objective on shares of Concho Resources in a report on Wednesday. Stifel Nicolaus set a $185.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Thursday, October 5th. Barclays boosted their price objective on shares of Concho Resources from $144.00 to $156.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. Royal Bank of Canada set a $167.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Concho Resources from $152.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $153.47.

Concho Resources (NYSE CXO) opened at $146.81 on Thursday. Concho Resources has a 1-year low of $106.73 and a 1-year high of $147.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $20,863.54, a price-to-earnings ratio of 84.52 and a beta of 1.09.

Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The firm had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. During the same quarter in the previous year, the business posted $0.32 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. equities analysts expect that Concho Resources will post 1.82 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of CXO. JPMorgan Chase & Co. raised its stake in shares of Concho Resources by 30.8% in 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 in the last quarter. Capital World Investors raised its stake in Concho Resources by 10.6% during 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 acquiring an additional 1,034,000 shares during the period. Vanguard Group Inc. raised its stake in Concho Resources by 3.1% during the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after acquiring an additional 454,428 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Concho Resources during the second quarter worth about $52,513,000. Finally, Dimensional Fund Advisors LP raised its stake in Concho Resources by 45.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,213,337 shares of the oil and natural gas company’s stock worth $159,823,000 after acquiring an additional 377,438 shares during the period. Institutional investors and hedge funds own 94.47% 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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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