Concho Resources Inc. (CXO) Given Consensus Recommendation of “Buy” by Brokerages
Concho Resources Inc. (NYSE:CXO) has earned an average recommendation of “Buy” from the twenty-four ratings firms that are presently covering the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $138.89.
Several equities analysts have commented on the company. KLR Group upped their price target on Concho Resources from $138.00 to $153.00 and gave the company an “accumulate” rating in a report on Wednesday, August 3rd. BMO Capital Markets reiterated a “buy” rating and issued a $130.00 price objective on shares of Concho Resources in a research note on Wednesday, August 3rd. TheStreet upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Citigroup Inc. upped their price objective on Concho Resources from $143.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, August 11th. Finally, Jefferies Group reiterated a “hold” rating on shares of Concho Resources in a research note on Thursday, August 11th.
Concho Resources (NYSE:CXO) traded down 0.32% during mid-day trading on Tuesday, hitting $136.49. The stock had a trading volume of 332,639 shares. Concho Resources has a 1-year low of $69.94 and a 1-year high of $143.60. The firm’s market cap is $17.83 billion. The stock has a 50 day moving average of $132.10 and a 200-day moving average of $122.79.
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Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.27. The firm earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The company’s revenue for the quarter was down 26.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS. Analysts predict that Concho Resources will post $0.22 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. National Pension Service increased its stake in shares of Concho Resources by 8.7% in the third quarter. National Pension Service now owns 112,024 shares of the company’s stock valued at $15,386,000 after buying an additional 8,938 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in Concho Resources by 9.6% in the third quarter. Gulf International Bank UK Ltd now owns 42,494 shares of the company’s stock worth $5,836,000 after buying an additional 3,715 shares during the period. Nisa Investment Advisors LLC boosted its position in Concho Resources by 4.0% in the third quarter. Nisa Investment Advisors LLC now owns 25,700 shares of the company’s stock worth $3,530,000 after buying an additional 1,000 shares during the period. Capstone Asset Management Co. boosted its position in Concho Resources by 8.6% in the third quarter. Capstone Asset Management Co. now owns 9,505 shares of the company’s stock worth $1,306,000 after buying an additional 750 shares during the period. Finally, Eagle Asset Management Inc. purchased a new position in Concho Resources during the third quarter worth about $3,570,000. 91.12% of the stock is currently owned by institutional investors and hedge funds.
Concho Resources Company Profile
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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