Q2 2017 Earnings Estimate for Concho Resources Inc. Issued By Jefferies Group (NYSE:CXO)
Concho Resources Inc. (NYSE:CXO) – Jefferies Group cut their Q2 2017 earnings per share estimates for shares of Concho Resources in a research note issued to investors on Wednesday. Jefferies Group analyst M. Hsu now expects that the oil and natural gas company will post earnings of $0.40 per share for the quarter, down from their previous forecast of $0.43. Jefferies Group currently has a “Hold” rating and a $140.00 price objective on the stock. Jefferies Group also issued estimates for Concho Resources’ Q3 2017 earnings at $0.31 EPS, Q4 2017 earnings at $0.33 EPS, FY2017 earnings at $1.53 EPS, Q3 2018 earnings at $0.64 EPS, Q4 2018 earnings at $0.73 EPS and FY2018 earnings at $2.34 EPS.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $612 million during the quarter, compared to the consensus estimate of $607.71 million. During the same period in the prior year, the company earned ($0.05) EPS. Concho Resources’s revenue was up 115.5% on a year-over-year basis. ILLEGAL ACTIVITY NOTICE: “Q2 2017 Earnings Estimate for Concho Resources Inc. Issued By Jefferies Group (NYSE:CXO)” was originally published by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright law. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/07/21/q2-2017-earnings-estimate-for-concho-resources-inc-issued-by-jefferies-group-nysecxo.html.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $141.00 price target for the company in a research note on Monday, March 27th. Citigroup Inc. reissued a “buy” rating and issued a $173.00 price target (up previously from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. Scotiabank set a $156.00 price target on Concho Resources and gave the company a “buy” rating in a research note on Monday, March 27th. Stifel Nicolaus initiated coverage on Concho Resources in a research note on Wednesday, April 12th. They issued a “buy” rating and a $206.00 price target for the company. Finally, BidaskClub cut Concho Resources from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. One 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. The company currently has an average rating of “Buy” and a consensus target price of $154.81.
Shares of Concho Resources (CXO) opened at 126.47 on Friday. Concho Resources has a one year low of $112.73 and a one year high of $147.55. The firm has a 50-day moving average of $121.37 and a 200-day moving average of $129.84. The firm has a market capitalization of $18.60 billion, a P/E ratio of 87.04 and a beta of 1.08.
A number of large investors have recently made changes to their positions in the stock. 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 worth $107,000 after buying an additional 530 shares in the last quarter. Exane Derivatives raised its position in Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after buying an additional 739 shares in the last quarter. NN Investment Partners Holdings N.V. raised its position in Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after buying an additional 200 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Concho Resources during the first quarter worth $174,000. Finally, Baird Financial Group Inc. bought a new position in Concho Resources during the first quarter worth $201,000. 93.05% of the stock is owned by hedge funds and other institutional investors.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was 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.
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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