Brokers Offer Predictions for Concho Resources Inc’s Q2 2017 Earnings (CXO)
Concho Resources Inc (NYSE:CXO) – Stock analysts at KeyCorp boosted their Q2 2017 earnings per share estimates for shares of Concho Resources in a report issued on Sunday. KeyCorp analyst D. Deckelbaum now anticipates that the oil and natural gas company will post earnings of $0.45 per share for the quarter, up from their previous estimate of $0.39. KeyCorp also issued estimates for Concho Resources’ Q3 2017 earnings at $0.40 EPS, Q4 2017 earnings at $0.52 EPS, FY2017 earnings at $1.86 EPS, Q1 2018 earnings at $0.66 EPS, Q2 2018 earnings at $0.77 EPS, Q3 2018 earnings at $0.90 EPS, Q4 2018 earnings at $0.98 EPS and FY2018 earnings at $3.31 EPS.
CXO has been the topic of a number of other research reports. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Friday, March 3rd. Royal Bank of Canada reiterated a “buy” rating and set a $178.00 target price on shares of Concho Resources in a report on Friday, May 12th. Barclays PLC set a $152.00 target price on Concho Resources and gave the company a “buy” rating in a report on Thursday, February 23rd. Citigroup Inc reiterated a “buy” rating and set a $173.00 target price (up previously from $172.00) on shares of Concho Resources in a report on Saturday, April 22nd. Finally, Goldman Sachs Group Inc increased their target price on Concho Resources from $165.00 to $169.00 and gave the company a “neutral” rating in a report on Wednesday, February 22nd. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $161.58.
Concho Resources (NYSE:CXO) opened at 131.46 on Wednesday. The stock has a market cap of $19.34 billion, a P/E ratio of 90.47 and a beta of 1.16. The company’s 50-day moving average price is $129.98 and its 200-day moving average price is $133.83. Concho Resources has a 12 month low of $114.33 and a 12 month high of $147.55.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, May 3rd. The oil and natural gas company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.18. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The firm had revenue of $612 million for the quarter, compared to the consensus estimate of $607.71 million. During the same quarter last year, the business posted ($0.05) earnings per share. The firm’s revenue was up 115.5% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP bought a new position in Concho Resources during the fourth quarter valued at approximately $106,000. Balentine LLC raised its position in Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock valued at $107,000 after buying an additional 530 shares during the period. Elgethun Capital Management bought a new position in Concho Resources during the fourth quarter valued at approximately $133,000. Intellectus Partners LLC bought a new position in Concho Resources during the fourth quarter valued at approximately $133,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Concho Resources during the first quarter valued at approximately $174,000. 97.00% of the stock is currently owned by institutional investors.
In other Concho Resources news, SVP J Steve Guthrie sold 6,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $128.00, for a total value of $768,000.00. Following the transaction, the senior vice president now directly owns 39,810 shares of the company’s stock, valued at $5,095,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total value of $32,400.00. Company insiders own 1.20% of the company’s stock.
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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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