Concho Resources Inc (NYSE:CXO) – Equities research analysts at Mitsubishi UFJ Financial Group boosted their Q3 2018 earnings per share (EPS) estimates for Concho Resources in a research note issued on Thursday, October 11th. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the oil and natural gas company will earn $1.75 per share for the quarter, up from their previous estimate of $1.72. Mitsubishi UFJ Financial Group also issued estimates for Concho Resources’ Q4 2018 earnings at $1.90 EPS, FY2018 earnings at $6.17 EPS and Q1 2019 earnings at $2.22 EPS.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.32. The business had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm’s quarterly revenue was up 66.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share.
CXO has been the subject of a number of other research reports. Williams Capital assumed coverage on Concho Resources in a research note on Monday, June 18th. They set a “buy” rating and a $178.00 price objective for the company. KLR Group reiterated a “buy” rating and set a $175.00 price objective on shares of Concho Resources in a research note on Monday, August 20th. TheStreet upgraded Concho Resources from a “c+” rating to a “b” rating in a research note on Friday, September 28th. Barclays initiated coverage on Concho Resources in a report on Wednesday, August 29th. They issued an “equal weight” rating and a $156.00 target price for the company. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $200.00 target price on shares of Concho Resources in a report on Friday, July 13th. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $176.57.
Shares of NYSE:CXO opened at $151.08 on Monday. The firm has a market cap of $30.59 billion, a price-to-earnings ratio of 72.29 and a beta of 0.94. Concho Resources has a 12-month low of $123.63 and a 12-month high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75.
Institutional investors and hedge funds have recently modified their holdings of the stock. Investec Asset Management LTD bought a new stake in shares of Concho Resources in the second quarter worth $7,569,000. Paloma Partners Management Co grew its holdings in shares of Concho Resources by 3,081.4% in the second quarter. Paloma Partners Management Co now owns 39,503 shares of the oil and natural gas company’s stock worth $5,465,000 after acquiring an additional 40,828 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Concho Resources by 6.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 463,740 shares of the oil and natural gas company’s stock worth $64,158,000 after acquiring an additional 28,411 shares during the period. Precocity Capital LP bought a new stake in shares of Concho Resources in the second quarter worth $10,376,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Concho Resources in the second quarter worth $166,000. 77.44% of the stock is owned by institutional investors.
In related news, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the sale, the director now owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at approximately $2,264,752.98. The disclosure for this sale can be found here. In the last three months, insiders sold 17,500 shares of company stock valued at $2,376,320. Corporate 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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