Concho Resources Inc. (CXO) Shares Up 3.5%
Shares of Concho Resources Inc. (NYSE:CXO) shot up 3.5% during trading on Wednesday . The stock traded as high as $127.76 and last traded at $127.01, with a volume of 884,165 shares trading hands. The stock had previously closed at $122.77.
Several research firms recently commented on CXO. Morgan Stanley reissued a “buy” rating and set a $187.00 target price on shares of Concho Resources in a research note on Tuesday, August 16th. SunTrust Banks Inc. increased their target price on shares of Concho Resources from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Canaccord Genuity reissued a “hold” rating on shares of Concho Resources in a research note on Wednesday, July 6th. Credit Suisse Group AG reissued a “buy” rating and set a $145.00 target price on shares of Concho Resources in a research note on Friday, August 5th. Finally, BMO Capital Markets reissued a “buy” rating and set a $130.00 target price on shares of Concho Resources in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Concho Resources currently has a consensus rating of “Buy” and an average price target of $135.52.
The stock’s market capitalization is $16.76 billion. The stock has a 50 day moving average of $130.32 and a 200-day moving average of $118.48.
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Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.27. Concho Resources had a negative net margin of 72.25% and a positive return on equity of 0.90%. The firm had revenue of $396.30 million for the quarter, compared to analyst estimates of $482.50 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was down 26.3% on a year-over-year basis. On average, analysts anticipate that Concho Resources Inc. will post $0.22 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. bought a new position in shares of Concho Resources during the second quarter worth $102,000. University of Texas Investment Managment Co. bought a new position in shares of Concho Resources during the second quarter worth $110,000. Checchi Capital Advisers LLC raised its position in shares of Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock worth $132,000 after buying an additional 18 shares during the last quarter. Exane Derivatives raised its position in shares of Concho Resources by 0.5% in the first quarter. Exane Derivatives now owns 1,389 shares of the company’s stock worth $140,000 after buying an additional 7 shares during the last quarter. Finally, Creative Planning raised its position in shares of Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock worth $162,000 after buying an additional 259 shares during the last quarter. 91.12% of the stock is currently owned by hedge funds and other institutional investors.
About Concho Resources
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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