Concho Resources (CXO) Shares Gap Up to $124.47

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Concho Resources Inc (NYSE:CXO)’s share price gapped up before the market opened on Friday . The stock had previously closed at $119.45, but opened at $124.47. Concho Resources shares last traded at $127.36, with a volume of 2812700 shares traded.

A number of brokerages have issued reports on CXO. Credit Suisse Group raised their target price on Concho Resources from $164.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, May 2nd. Stifel Nicolaus set a $196.00 target price on Concho Resources and gave the stock a “buy” rating in a report on Tuesday, April 24th. ValuEngine upgraded Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. KeyCorp raised their target price on Concho Resources from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, April 23rd. Finally, Jefferies Financial Group set a $190.00 target price on Concho Resources and gave the stock a “buy” rating in a report on Tuesday, February 27th. Nine investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $173.36.

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.65 and a quick ratio of 0.64. The firm has a market cap of $19.59 billion, a price-to-earnings ratio of 60.94 and a beta of 0.96.

Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.19. The business had revenue of $947.00 million for the quarter, compared to analysts’ expectations of $808.60 million. Concho Resources had a return on equity of 4.34% and a net margin of 39.06%. Concho Resources’s revenue for the quarter was up 54.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. equities analysts expect that Concho Resources Inc will post 4.41 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. lifted its stake in Concho Resources by 19.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,348 shares of the oil and natural gas company’s stock valued at $353,000 after acquiring an additional 386 shares in the last quarter. Kingfisher Capital LLC lifted its stake in Concho Resources by 6.0% in the 1st quarter. Kingfisher Capital LLC now owns 6,940 shares of the oil and natural gas company’s stock valued at $1,043,000 after acquiring an additional 392 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in Concho Resources by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 4,845 shares of the oil and natural gas company’s stock valued at $728,000 after acquiring an additional 414 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Concho Resources by 13.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 4,155 shares of the oil and natural gas company’s stock valued at $625,000 after acquiring an additional 481 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in Concho Resources by 14.5% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 3,950 shares of the oil and natural gas company’s stock valued at $594,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 97.10% of the company’s stock.

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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