Concho Resources Given Average Rating of “Buy” by Analysts (NYSE:CXO)
Concho Resources (NYSE:CXO) has earned an average rating of “Buy” from the twenty brokerages that are presently covering the company, American Banking News.com reports. Three research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $155.65.
A number of research firms have recently commented on CXO. Analysts at Canaccord Genuity initiated coverage on shares of Concho Resources in a research note on Tuesday, August 12th. They set a “buy” rating and a $185.00 price target on the stock. Separately, analysts at KLR Group upgraded shares of Concho Resources from an “accumulate” rating to a “buy” rating in a research note on Tuesday, August 12th. They now have a $185.00 price target on the stock, up previously from $9.00. Finally, analysts at Stephens upgraded shares of Concho Resources from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 11th. They now have a $165.00 price target on the stock, up previously from $134.00.
In other Concho Resources news, Director John P. Surma bought 2,000 shares of the company’s stock on the open market in a transaction dated Thursday, August 21st. The stock was purchased at an average cost of $130.00 per share, for a total transaction of $260,000.00. The acquisition was disclosed in a filing with the SEC, which is available at this link.
Concho Resources (NYSE:CXO) opened at 132.29 on Tuesday. Concho Resources has a 1-year low of $94.51 and a 1-year high of $148.61. The stock has a 50-day moving average of $139.4 and a 200-day moving average of $130.0. The company has a market cap of $14.756 billion and a P/E ratio of 59.12.
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. On average, analysts predict that Concho Resources will post $4.29 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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