Concho Resources Inc. (NYSE:CXO) – SunTrust Banks decreased their Q3 2017 earnings estimates for shares of Concho Resources in a report issued on Thursday. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will earn $0.34 per share for the quarter, down from their prior estimate of $0.36. SunTrust Banks also issued estimates for Concho Resources’ Q4 2017 earnings at $0.40 EPS, FY2017 earnings at $1.67 EPS, FY2018 earnings at $2.24 EPS, FY2019 earnings at $4.43 EPS and FY2020 earnings at $6.50 EPS.

Several other equities research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $141.00 price objective for the company in a report on Monday, March 27th. Citigroup Inc. reissued a “buy” rating and issued a $173.00 price target (up from $172.00) on shares of Concho Resources in a report on Saturday, April 22nd. Scotiabank set a $156.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Monday, March 27th. Stifel Nicolaus started coverage on shares of Concho Resources in a report on Wednesday, April 12th. They issued a “buy” rating and a $206.00 price target for the company. Finally, Royal Bank of Canada set a $171.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, April 25th. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $156.95.

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Concho Resources (CXO) opened at 120.75 on Monday. The firm’s 50-day moving average is $124.42 and its 200 day moving average is $131.22. Concho Resources has a 12-month low of $112.73 and a 12-month high of $147.55. The stock has a market capitalization of $17.76 billion, a P/E ratio of 83.10 and a beta of 1.08.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.18. Concho Resources had a net margin of 10.60% and a return on equity of 2.44%. The firm had revenue of $612 million during the quarter, compared to the consensus estimate of $607.71 million. During the same period last year, the firm posted ($0.05) EPS. The firm’s revenue for the quarter was up 115.5% on a year-over-year basis.

In other news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. 1.20% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB increased its position in shares of Concho Resources by 11.2% in the second quarter. Xact Kapitalforvaltning AB now owns 12,667 shares of the oil and natural gas company’s stock worth $1,539,000 after buying an additional 1,272 shares in the last quarter. Copper Rock Capital Partners LLC increased its position in shares of Concho Resources by 330.5% in the second quarter. Copper Rock Capital Partners LLC now owns 2,833 shares of the oil and natural gas company’s stock worth $376,000 after buying an additional 2,175 shares in the last quarter. DnB Asset Management AS increased its position in shares of Concho Resources by 1.2% in the second quarter. DnB Asset Management AS now owns 17,355 shares of the oil and natural gas company’s stock worth $2,109,000 after buying an additional 200 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Concho Resources by 9.1% in the first quarter. Nomura Asset Management Co. Ltd. now owns 18,155 shares of the oil and natural gas company’s stock worth $2,330,000 after buying an additional 1,521 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of Concho Resources by 5.9% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 19,206 shares of the oil and natural gas company’s stock worth $2,465,000 after buying an additional 1,069 shares in the last quarter. Institutional investors own 93.13% 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.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

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