Cowen and Company Increases Concho Resources Price Target to $120.00 (CXO)
Analysts at Cowen and Company boosted their target price on shares of Concho Resources (NYSE:CXO) from $100.00 to $120.00 in a research report issued to clients and investors on Thursday, Stock Ratings Network.com reports. The firm currently has an “outperform” rating on the stock. Cowen and Company’s price target would indicate a potential upside of 9.43% from the stock’s previous close.
CXO has been the subject of a number of other recent research reports. Analysts at Wunderlich raised their price target on shares of Concho Resources from $119.00 to $128.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Separately, analysts at Stephens downgraded shares of Concho Resources from an “overweight” rating to an “equal weight” rating in a research note to investors on Monday. Finally, analysts at SunTrust raised their price target on shares of Concho Resources from $52.00 to $58.00 in a research note to investors on Friday, October 4th. They now have a “neutral” rating on the stock. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $111.10.
Shares of Concho Resources (NYSE:CXO) traded up 2.06% during mid-day trading on Thursday, hitting $109.66. The stock had a trading volume of 975,133 shares. Concho Resources has a one year low of $76.81 and a one year high of $117.91. The stock has a 50-day moving average of $103.5 and a 200-day moving average of $91.63. The company has a market cap of $11.381 billion and a price-to-earnings ratio of 57.18.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 7th. The company reported $0.98 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.78 earnings per share. Concho Resources’s revenue was up 39.6% compared to the same quarter last year. Analysts expect that Concho Resources will post $3.78 EPS 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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