Q3 2016 EPS Estimates for Concho Resources Inc. (CXO) Boosted by Seaport Global Securities
Concho Resources Inc. (NYSE:CXO) – Stock analysts at Seaport Global Securities boosted their Q3 2016 earnings estimates for Concho Resources in a research report issued to clients and investors on Tuesday. Seaport Global Securities analyst M. Kelly now forecasts that the brokerage will post earnings of $0.16 per share for the quarter, up from their previous estimate of $0.11.
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 analysts’ consensus estimates of ($0.01) by $0.27. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The business earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. During the same quarter last year, the business posted $0.38 earnings per share. The business’s revenue for the quarter was down 26.3% on a year-over-year basis.
A number of other research analysts have also issued reports on the company. Citigroup Inc. boosted their price objective on Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a research report on Friday, August 26th. Johnson Rice began coverage on Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating for the company. Simmons restated a “buy” rating on shares of Concho Resources in a research report on Monday, August 22nd. Credit Suisse Group AG boosted their price objective on Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a research report on Wednesday, August 24th. Finally, TheStreet upgraded Concho Resources from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Concho Resources currently has an average rating of “Buy” and a consensus target price of $136.40.
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Shares of Concho Resources (NYSE:CXO) traded up 2.625% on Wednesday, hitting $140.135. The stock had a trading volume of 627,523 shares. Concho Resources has a 12-month low of $69.94 and a 12-month high of $143.60. The company’s 50-day moving average price is $132.21 and its 200 day moving average price is $123.04. The firm’s market cap is $18.30 billion.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Artemis Investment Management LLP increased its position in shares of Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock worth $10,832,000 after buying an additional 21,528 shares during the period. Standard Life Investments LTD increased its position in shares of Concho Resources by 30.3% in the second quarter. Standard Life Investments LTD now owns 684,574 shares of the company’s stock worth $81,646,000 after buying an additional 159,042 shares during the period. Legal & General Group Plc increased its position in shares of Concho Resources by 10.2% in the first quarter. Legal & General Group Plc now owns 518,819 shares of the company’s stock worth $52,424,000 after buying an additional 48,186 shares during the period. National Pension Service increased its position in shares of Concho Resources by 4.4% in the first quarter. National Pension Service now owns 82,305 shares of the company’s stock worth $8,316,000 after buying an additional 3,497 shares during the period. Finally, British Airways Pensions Investment Management Ltd increased its position in shares of Concho Resources by 16.4% in the second quarter. British Airways Pensions Investment Management Ltd now owns 312,380 shares of the company’s stock worth $37,405,000 after buying an additional 44,000 shares during the period. Hedge funds and other institutional investors own 91.12% of the company’s stock.
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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