Concho Resources Inc. (CXO) Expected to Post Earnings of $0.44 Per Share
Equities research analysts expect that Concho Resources Inc. (NYSE:CXO) will announce $0.44 earnings per share for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Concho Resources’ earnings. The highest EPS estimate is $0.63 and the lowest is $0.28. Concho Resources posted earnings of $0.26 per share during the same quarter last year, which indicates a positive year over year growth rate of 69.2%. The business is expected to report its next quarterly earnings results after the market closes on Wednesday, August 2nd.
According to Zacks, analysts expect that Concho Resources will report full year earnings of $1.64 per share for the current financial year, with EPS estimates ranging from $1.10 to $2.25. For the next year, analysts anticipate that the firm will post earnings of $2.18 per share, with EPS estimates ranging from $1.04 to $3.31. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Concho Resources.
Concho Resources (NYSE:CXO) last posted 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 return on equity of 2.44% and a net margin of 10.60%. The firm had revenue of $612 million for the quarter, compared to analyst estimates of $607.71 million. During the same quarter last year, the company earned ($0.05) EPS. The company’s revenue was up 115.5% on a year-over-year basis.
Several research firms have recently weighed in on CXO. Royal Bank Of Canada set a $178.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday. ValuEngine raised shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Credit Suisse Group set a $164.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a report on Friday, June 2nd. Jefferies Group LLC set a $140.00 price target on shares of Concho Resources and gave the stock a “hold” rating in a report on Wednesday, May 17th. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $172.00 price target (up previously from $171.00) on shares of Concho Resources in a report on Wednesday, May 17th. Seven investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $163.11.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total transaction of $32,400.00. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in Concho Resources during the fourth quarter valued at about $41,180,000. Security Asset Management raised its stake in Concho Resources by 3.6% in the fourth quarter. Security Asset Management now owns 15,272 shares of the oil and natural gas company’s stock valued at $2,025,000 after buying an additional 532 shares during the last quarter. Dodge & Cox acquired a new stake in Concho Resources during the fourth quarter valued at about $734,492,000. Norges Bank acquired a new stake in Concho Resources during the fourth quarter valued at about $121,185,000. Finally, DekaBank Deutsche Girozentrale raised its stake in Concho Resources by 20.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 13,094 shares of the oil and natural gas company’s stock valued at $1,728,000 after buying an additional 2,255 shares during the last quarter. Institutional investors and hedge funds own 93.13% of the company’s stock.
Concho Resources (CXO) traded down 0.31% during trading on Monday, reaching $116.63. The company’s stock had a trading volume of 658,861 shares. Concho Resources has a 12 month low of $114.33 and a 12 month high of $147.55. The company has a market cap of $17.16 billion, a price-to-earnings ratio of 80.27 and a beta of 1.03. The stock’s 50 day moving average is $127.49 and its 200 day moving average is $132.81.
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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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