Canaccord Genuity Initiates Coverage on Concho Resources (CXO)
Stock analysts at Canaccord Genuity initiated coverage on shares of Concho Resources (NYSE:CXO) in a report issued on Tuesday. The firm set a “buy” rating and a $185.00 price target on the stock. Canaccord Genuity’s price objective indicates a potential upside of 38.19% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at KLR Group upgraded shares of Concho Resources from an “accumulate” rating to a “buy” rating in a research note on Tuesday. They now have a $185.00 price target on the stock, up previously from $176.00. Separately, analysts at Stephens upgraded shares of Concho Resources from an “equal weight” rating to an “overweight” rating in a research note on Monday. They now have a $165.00 price target on the stock, up previously from $134.00. Finally, analysts at Barclays cut their price target on shares of Concho Resources from $173.00 to $172.00 in a research note on Friday. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $155.65.
Concho Resources (NYSE:CXO) traded down 0.71% during mid-day trading on Tuesday, hitting $132.92. The stock had a trading volume of 136,936 shares. Concho Resources has a 52 week low of $91.75 and a 52 week high of $148.61. The stock has a 50-day moving average of $142.2 and a 200-day moving average of $128.3. The company has a market cap of $14.826 billion and a P/E ratio of 59.47.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 6th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, analysts predict that Concho Resources will post $4.28 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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