Concho Resources Inc. (CXO) PT Lowered to $151.00 at Citigroup Inc.
Concho Resources Inc. (NYSE:CXO) had its target price cut by equities researchers at Citigroup Inc. from $166.00 to $151.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the oil and natural gas company’s stock. Citigroup Inc.’s target price indicates a potential upside of 18.71% from the company’s previous close.
Other equities analysts have also issued research reports about the stock. BMO Capital Markets restated a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a report on Monday, May 15th. Jefferies Group LLC set a $140.00 price target on shares of Concho Resources and gave the company a “hold” rating in a research note on Wednesday, May 17th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $172.00 price target (up from $171.00) on shares of Concho Resources in a research note on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $178.00 price target on shares of Concho Resources in a research note on Friday, May 12th. Finally, Stifel Nicolaus started coverage on shares of Concho Resources in a research report on Wednesday, April 12th. They set a “buy” rating and a $206.00 target price for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $154.10.
Shares of Concho Resources (NYSE:CXO) traded up 0.58% on Friday, hitting $127.20. The stock had a trading volume of 1,128,900 shares. The firm has a market capitalization of $18.71 billion, a P/E ratio of 87.54 and a beta of 1.08. Concho Resources has a 12-month low of $112.73 and a 12-month high of $147.55. The company has a 50 day moving average of $121.37 and a 200-day moving average of $129.84.
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, topping analysts’ consensus estimates of $0.31 by $0.18. The firm had revenue of $612 million for the quarter, compared to analysts’ expectations of $607.71 million. Concho Resources had a net margin of 10.60% and a return on equity of 2.44%. The company’s revenue was up 115.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Equities analysts predict that Concho Resources will post $1.58 EPS for the current fiscal year.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total transaction of $32,400.00. Insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CXO. Hermes Investment Management Ltd. bought a new position in Concho Resources during the second quarter worth approximately $204,000. Rothschild Capital Partners LLC purchased a new stake in Concho Resources during the second quarter valued at approximately $778,000. APG Asset Management N.V. raised its stake in Concho Resources by 3.5% in the second quarter. APG Asset Management N.V. now owns 210,030 shares of the oil and natural gas company’s stock valued at $25,525,000 after buying an additional 7,100 shares during the last quarter. Oakbrook Investments LLC purchased a new stake in Concho Resources during the second quarter valued at approximately $225,000. Finally, US Bancorp DE raised its stake in Concho Resources by 15.8% in the second quarter. US Bancorp DE now owns 7,176 shares of the oil and natural gas company’s stock valued at $872,000 after buying an additional 978 shares during the last quarter. Hedge funds and other institutional investors own 93.05% 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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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