Morningstar Issues “BB+” Credit Rating to Concho Resources (CXO)
Concho Resources (NYSE:CXO) has earned a “BB+” credit rating from Morningstar. The firm’s “BB+” rating suggests that the company is an above-average default risk. They also issued a positive credit outlook for the company and gave their stock a two star rating.
A number of other analysts have also recently weighed in on CXO. Analysts at Stifel Nicolaus raised their price target on shares of Concho Resources from $115.00 to $170.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Concho Resources from $174.00 to $179.00 in a research note on Wednesday, August 27th. Finally, 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. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $156.11.
Shares of Concho Resources (NYSE:CXO) opened at 135.06 on Friday. Concho Resources has a one year low of $94.51 and a one year high of $148.61. The stock’s 50-day moving average is $137.9 and its 200-day moving average is $132.0. The company has a market cap of $15.065 billion and a price-to-earnings ratio of 62.29.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data 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. Analysts expect that Concho Resources will post $4.27 EPS for the current fiscal year.
In other Concho Resources news, VP E Joseph Wright unloaded 36,863 shares of the company’s stock on the open market in a transaction dated Thursday, September 4th. The stock was sold at an average price of $134.86, for a total transaction of $4,971,344.18. The sale was disclosed in a legal filing with the SEC, which is available at this link.
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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