Concho Resources Inc (NYSE:CXO)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $116.94, but opened at $119.45. Concho Resources shares last traded at $122.94, with a volume of 2242739 shares trading hands.

Several equities analysts have issued reports on the stock. Williams Capital restated a “buy” rating and issued a $182.00 price objective on shares of Concho Resources in a research note on Wednesday, December 12th. Seaport Global Securities set a $145.00 target price on shares of Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, October 31st. Stephens initiated coverage on shares of Concho Resources in a research note on Thursday, December 6th. They set an “equal weight” rating and a $185.00 target price for the company. Piper Jaffray Companies reiterated a “buy” rating and set a $209.00 target price on shares of Concho Resources in a research note on Wednesday, October 24th. Finally, JPMorgan Chase & Co. set a $188.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research note on Monday, October 29th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $175.68.

The firm has a market capitalization of $24.62 billion, a PE ratio of 57.84, a PEG ratio of 0.81 and a beta of 1.21. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 90.1% on a year-over-year basis. As a group, analysts anticipate that Concho Resources Inc will post 4.92 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of CXO. Rehmann Capital Advisory Group increased its holdings in Concho Resources by 108.6% in the third quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after buying an additional 114 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in Concho Resources in the third quarter valued at about $161,000. Cerebellum GP LLC purchased a new position in Concho Resources in the third quarter valued at about $188,000. Summit X LLC purchased a new position in Concho Resources in the second quarter valued at about $203,000. Finally, HBK Sorce Advisory LLC purchased a new position in Concho Resources in the third quarter valued at about $206,000. 94.24% of the stock is owned by institutional investors.

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Concho Resources Company Profile (NYSE:CXO)

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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