Concho Resources Reaches New 12-Month High After Analyst Upgrade (CXO)
Concho Resources (NYSE:CXO) hit a new 52-week high during mid-day trading on Friday after SunTrust raised their price target on the stock from $151.00 to $159.00, American Banking News.com reports. The company traded as high as $143.26 and last traded at $143.19, with a volume of 887,199 shares. The stock had previously closed at $140.46.
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays raised their price target on shares of Concho Resources from $140.00 to $153.00 in a research note on Friday, May 23rd. They now have an “overweight” rating on the stock. Separately, analysts at Citigroup Inc. raised their price target on shares of Concho Resources from $130.00 to $160.00 in a research note on Wednesday, May 14th. They now have a “buy” rating on the stock. Finally, analysts at KLR Group raised their price target on shares of Concho Resources from $6.00 to $156.00 in a research note on Tuesday, May 13th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $140.56.
The stock’s 50-day moving average is $133.5 and its 200-day moving average is $117.7. The company has a market cap of $14.902 billion and a price-to-earnings ratio of 47.34.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Monday, May 12th. The company reported $1.01 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.97 by $0.04. The company had revenue of $660.96 million for the quarter, compared to the consensus estimate of $629.78 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The company’s quarterly revenue was up 40.0% on a year-over-year basis. Analysts expect that Concho Resources will post $4.40 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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