Concho Resources Inc (NYSE:CXO) – Equities researchers at Piper Jaffray Companies lowered their Q3 2018 earnings estimates for shares of Concho Resources in a report issued on Monday, August 27th. Piper Jaffray Companies analyst D. Kistler now forecasts that the oil and natural gas company will earn $0.93 per share for the quarter, down from their prior forecast of $0.99. Piper Jaffray Companies has a “Buy” rating and a $220.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Concho Resources’ Q4 2018 earnings at $1.01 EPS, Q1 2019 earnings at $1.28 EPS, Q2 2019 earnings at $1.47 EPS, Q3 2019 earnings at $1.69 EPS, Q4 2019 earnings at $1.98 EPS and FY2019 earnings at $6.42 EPS.
A number of other research firms have also weighed in on CXO. JPMorgan Chase & Co. set a $180.00 target price on Concho Resources and gave the company a “buy” rating in a report on Tuesday, May 15th. Williams Capital restated a “buy” rating and issued a $189.00 target price on shares of Concho Resources in a report on Monday, July 23rd. Susquehanna Bancshares started coverage on Concho Resources in a report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 target price on the stock. ValuEngine lowered Concho Resources from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Finally, Sanford C. Bernstein lowered Concho Resources from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $180.00 to $130.00 in a report on Thursday, June 7th. Ten investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $176.00.
CXO stock opened at $138.53 on Thursday. Concho Resources has a twelve month low of $106.73 and a twelve month high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76. The company has a market capitalization of $27.72 billion, a PE ratio of 65.94 and a beta of 0.95.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The company had revenue of $945.00 million for the quarter, compared to analyst estimates of $906.82 million. During the same quarter last year, the company earned $0.52 earnings per share. The company’s revenue for the quarter was up 66.7% on a year-over-year basis.
A number of large investors have recently added to or reduced their stakes in CXO. Millennium Management LLC purchased a new stake in Concho Resources in the second quarter worth $166,582,000. FMR LLC increased its position in Concho Resources by 16.2% in the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after buying an additional 668,035 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Concho Resources in the first quarter worth $84,087,000. Los Angeles Capital Management & Equity Research Inc. increased its position in Concho Resources by 16,439.1% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock worth $54,413,000 after buying an additional 390,921 shares during the last quarter. Finally, Strs Ohio increased its position in Concho Resources by 2,550.7% in the second quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock worth $40,523,000 after buying an additional 281,855 shares during the last quarter. 77.42% of the stock is owned by institutional investors and hedge funds.
In other news, Director Mark B. Puckett bought 2,000 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was acquired at an average cost of $134.39 per share, with a total value of $268,780.00. Following the completion of the transaction, the director now directly owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the sale, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at $6,840,750.84. The disclosure for this sale can be found here. Company insiders own 1.10% 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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