Concho Resources Coverage Initiated at Canaccord Genuity (CXO)
Canaccord Genuity initiated coverage on shares of Concho Resources (NYSE:CXO) in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “hold” rating and a $100.00 price target on the stock. Canaccord Genuity’s price target indicates a potential downside of 0.97% from the company’s current price. The analysts noted that the move was a valuation call.
Several other analysts have also recently commented on the stock. Analysts at Imperial Capital raised their price target on shares of Concho Resources (NYSE:CXO) from $100.00 to $111.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at SunTrust raised their price target on shares of Concho Resources (NYSE:CXO) from $83.00 to $85.00 in a research note to investors on Thursday, August 22nd. They now have a “neutral” rating on the stock. Finally, analysts at Citigroup Inc. set a $120.00 price target on shares of Concho Resources (NYSE:CXO) in a research note to investors on Thursday, August 22nd.
Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $111.21.
Concho Resources (NYSE:CXO) traded down 1.53% during mid-day trading on Tuesday, hitting $99.44. The stock had a trading volume of 418,645 shares. Concho Resources has a 1-year low of $76.81 and a 1-year high of $102.26. The stock’s 50-day moving average is $94.26 and its 200-day moving average is $89.17. The company has a market cap of $10.321 billion and a price-to-earnings ratio of 53.74.
Concho Resources (NYSE:CXO) last released its earnings data on Wednesday, August 7th. The company reported $0.98 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.00 by $0.02. The company had revenue of $562.79 million for the quarter, compared to the consensus estimate of $559.40 million. During the same quarter in the prior year, the company posted $0.78 earnings per share. The company’s quarterly revenue was up 39.6% on a year-over-year basis. On average, analysts predict that Concho Resources will post $3.77 earnings per share for the current fiscal year.
Concho Resources Inc(NYSE:CXO) is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties.
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