Concho Resources (NYSE:CXO) had its price target decreased by research analysts at Wells Fargo & Co from $174.00 to $151.00 in a research note issued on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the oil and natural gas company’s stock. Wells Fargo & Co‘s price target points to a potential upside of 45.58% from the company’s current price. The analysts noted that the move was a valuation call.

Several other equities research analysts have also recently weighed in on the stock. Mizuho initiated coverage on shares of Concho Resources in a research report on Tuesday, January 29th. They issued a “buy” rating and a $156.00 price target on the stock. Jefferies Financial Group restated a “buy” rating and issued a $196.00 price target on shares of Concho Resources in a research report on Monday, December 17th. Cowen set a $140.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, February 19th. Stephens initiated coverage on shares of Concho Resources in a research report on Thursday, December 6th. They issued an “equal weight” rating and a $185.00 price target on the stock. Finally, Williams Capital restated a “buy” rating and issued a $182.00 price target on shares of Concho Resources in a research report on Monday, February 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $167.08.

CXO stock opened at $103.72 on Wednesday. Concho Resources has a one year low of $93.31 and a one year high of $163.11. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $20.65 billion, a PE ratio of 22.60, a P/E/G ratio of 0.79 and a beta of 1.11.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.16). Concho Resources had a return on equity of 5.69% and a net margin of 55.07%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 36.8% on a year-over-year basis. On average, equities research analysts predict that Concho Resources will post 4.51 EPS for the current year.

In other news, Director Steven L. Beal sold 7,500 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $99.90, for a total transaction of $749,250.00. Following the completion of the sale, the director now directly owns 69,096 shares of the company’s stock, valued at $6,902,690.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott Kidwell sold 4,200 shares of the business’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $110.02, for a total transaction of $462,084.00. Following the sale, the senior vice president now directly owns 7,628 shares of the company’s stock, valued at $839,232.56. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Capital World Investors boosted its stake in shares of Concho Resources by 18.6% during the third quarter. Capital World Investors now owns 21,979,324 shares of the oil and natural gas company’s stock valued at $3,357,342,000 after purchasing an additional 3,450,629 shares during the period. Vanguard Group Inc. boosted its stake in shares of Concho Resources by 34.6% during the third quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after purchasing an additional 5,380,400 shares during the period. Vanguard Group Inc boosted its stake in shares of Concho Resources by 34.6% during the third quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after purchasing an additional 5,380,400 shares during the period. Capital Research Global Investors boosted its stake in shares of Concho Resources by 8.2% during the third quarter. Capital Research Global Investors now owns 18,785,086 shares of the oil and natural gas company’s stock valued at $2,869,422,000 after purchasing an additional 1,416,319 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Concho Resources by 2.6% during the fourth quarter. BlackRock Inc. now owns 13,635,329 shares of the oil and natural gas company’s stock valued at $1,401,577,000 after purchasing an additional 349,182 shares during the period. 94.06% of the stock is owned by hedge funds and other institutional investors.

Concho Resources Company Profile

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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The Fly

Analyst Recommendations for Concho Resources (NYSE:CXO)

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