Concho Resources Upgraded to “Overweight” by Stephens (CXO)
Concho Resources (NYSE:CXO) was upgraded by Stephens from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $165.00 price objective on the stock, up from their previous price objective of $134.00. Stephens’ price target would indicate a potential upside of 23.75% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Barclays cut their price target on shares of Concho Resources from $173.00 to $172.00 in a research note on Friday. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of Concho Resources in a research note on Friday. They now have a $172.00 price target on the stock, down previously from $177.00. Finally, analysts at Howard Weil downgraded shares of Concho Resources from a “focus stock” rating to a “sector outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $152.65.
Concho Resources (NYSE:CXO) opened at 134.56 on Monday. Concho Resources has a 52 week low of $91.75 and a 52 week high of $148.61. The stock’s 50-day moving average is $142.5 and its 200-day moving average is $127.6. The company has a market cap of $15.009 billion and a P/E ratio of 59.23.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.04 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.97 by $0.07. The company had revenue of $704.70 million for the quarter, compared to the consensus estimate of $676.71 million. During the same quarter in the prior year, the company posted $0.98 earnings per share. The company’s quarterly revenue was up 25.2% on a year-over-year basis. Analysts expect that Concho Resources will post $4.30 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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