Concho Resources (CXO) Upgraded to “B-” at TheStreet

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TheStreet upgraded shares of Concho Resources (NYSE:CXO) from a c rating to a b- rating in a research note published on Tuesday.

Several other brokerages have also issued reports on CXO. ValuEngine upgraded shares of Concho Resources from a hold rating to a buy rating in a research note on Thursday, November 1st. Wells Fargo & Co began coverage on shares of Concho Resources in a research note on Wednesday, October 24th. They issued an outperform rating and a $209.00 price target on the stock. Jefferies Financial Group reiterated a buy rating and issued a $205.00 price target on shares of Concho Resources in a research note on Tuesday, November 6th. Morgan Stanley lowered their price target on shares of Concho Resources from $178.00 to $169.00 and set a hold rating on the stock in a research note on Monday, November 5th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $209.00 price target on shares of Concho Resources in a research note on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Concho Resources currently has a consensus rating of Buy and an average target price of $173.00.

CXO opened at $112.45 on Tuesday. The firm has a market capitalization of $24.23 billion, a P/E ratio of 24.50, a P/E/G ratio of 0.83 and a beta of 1.26. Concho Resources has a 12 month low of $93.31 and a 12 month high of $163.11. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, February 19th. The oil and natural gas company reported $0.94 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.16). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.16 billion. Concho Resources had a net margin of 55.07% and a return on equity of 6.45%. The company’s revenue was up 36.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 earnings per share. As a group, equities analysts forecast that Concho Resources will post 5.05 EPS for the current year.

The company also recently disclosed a special dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, February 28th.

Several hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can raised its stake in Concho Resources by 63.1% during the 3rd quarter. Bank of Montreal Can now owns 86,097 shares of the oil and natural gas company’s stock valued at $13,152,000 after purchasing an additional 33,295 shares during the period. Aperio Group LLC raised its stake in Concho Resources by 35.5% during the 3rd quarter. Aperio Group LLC now owns 68,265 shares of the oil and natural gas company’s stock valued at $10,427,000 after purchasing an additional 17,869 shares during the period. IFM Investors Pty Ltd raised its stake in Concho Resources by 50.9% during the 3rd quarter. IFM Investors Pty Ltd now owns 10,484 shares of the oil and natural gas company’s stock valued at $1,601,000 after purchasing an additional 3,535 shares during the period. Texas Permanent School Fund raised its stake in Concho Resources by 34.2% during the 3rd quarter. Texas Permanent School Fund now owns 44,954 shares of the oil and natural gas company’s stock valued at $6,867,000 after purchasing an additional 11,468 shares during the period. Finally, Chevy Chase Trust Holdings Inc. raised its stake in Concho Resources by 30.8% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 164,386 shares of the oil and natural gas company’s stock valued at $25,110,000 after purchasing an additional 38,712 shares during the period. 91.10% of the stock is owned by institutional investors and hedge funds.

About Concho Resources

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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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