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Research analysts at Canaccord Genuity hoisted their price target on shares of Concho Resources (NYSE:CXO) from $174.00 to $179.00 in a report released on Wednesday. Canaccord Genuity’s price objective suggests a potential upside of 30.18% from the stock’s previous close.

In other Concho Resources news, Director John P. Surma purchased 2,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, August 21st. The stock was purchased at an average price of $130.00 per share, with a total value of $260,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Concho Resources (NYSE:CXO) traded down 0.16% during mid-day trading on Wednesday, hitting $137.50. 697,416 shares of the company’s stock traded hands. Concho Resources has a 52-week low of $94.51 and a 52-week high of $148.61. The stock’s 50-day moving average is $139.3 and its 200-day moving average is $130.9. The company has a market cap of $15.337 billion and a price-to-earnings ratio of 61.18.

Concho Resources (NYSE:CXO) last released its earnings data on Wednesday, August 6th. The company reported $1.04 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.98 earnings per share. Concho Resources’s revenue was up 25.2% compared to the same quarter last year. On average, analysts predict that Concho Resources will post $4.28 earnings per share for the current fiscal year.

CXO has been the subject of a number of other recent research reports. 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. Separately, 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. 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, August 8th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $155.29.

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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