Concho Resources Inc. to Post Q2 2018 Earnings of $0.45 Per Share, US Capital Advisors Forecasts (NYSE:CXO)
Concho Resources Inc. (NYSE:CXO) – Equities research analysts at US Capital Advisors reduced their Q2 2018 earnings estimates for shares of Concho Resources in a research report issued on Tuesday. US Capital Advisors analyst C. Horwitz now forecasts that the oil and natural gas company will earn $0.45 per share for the quarter, down from their prior forecast of $0.57. US Capital Advisors also issued estimates for Concho Resources’ Q3 2018 earnings at $0.49 EPS and Q4 2018 earnings at $0.54 EPS.
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 the consensus estimate of $0.31 by $0.18. The firm had revenue of $612 million during the quarter, compared to the consensus estimate 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 last year, the company earned ($0.05) earnings per share. ILLEGAL ACTIVITY NOTICE: This piece was first reported by American Banking News and is the property of of American Banking News. If you are viewing this piece on another publication, it was stolen and reposted in violation of U.S. and international copyright legislation. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2017/07/26/concho-resources-inc-to-post-q2-2018-earnings-of-0-45-per-share-us-capital-advisors-forecasts-nysecxo.html.
Several other equities analysts have also recently weighed in on CXO. Stifel Nicolaus started coverage on shares of Concho Resources in a research note on Wednesday, April 12th. They issued a “buy” rating and a $206.00 price objective on the stock. Citigroup Inc. reiterated a “buy” rating and issued a $173.00 price objective (up previously from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. Royal Bank Of Canada set a $171.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Scotiabank set a $156.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, May 4th. Finally, Credit Suisse Group set a $158.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Saturday, May 6th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and sixteen have given a buy rating to the stock. Concho Resources has a consensus rating of “Buy” and a consensus target price of $154.10.
Concho Resources (CXO) traded up 1.17% during trading on Wednesday, hitting $133.24. 592,370 shares of the stock traded hands. The company has a market cap of $19.60 billion, a P/E ratio of 91.70 and a beta of 1.08. Concho Resources has a 52-week low of $112.73 and a 52-week high of $147.55. The firm has a 50-day moving average price of $121.46 and a 200 day moving average price of $129.68.
In related news, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction on 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.
Several hedge funds and other institutional investors have recently bought and sold shares of CXO. SPC Financial Inc. raised its position in Concho Resources by 7.6% in the second quarter. SPC Financial Inc. now owns 5,020 shares of the oil and natural gas company’s stock worth $610,000 after buying an additional 355 shares during the period. Tributary Capital Management LLC raised its position in Concho Resources by 26.9% in the second quarter. Tributary Capital Management LLC now owns 9,010 shares of the oil and natural gas company’s stock worth $1,095,000 after buying an additional 1,910 shares during the period. Cue Financial Group Inc. raised its position in Concho Resources by 5.7% in the second quarter. Cue Financial Group Inc. now owns 2,335 shares of the oil and natural gas company’s stock worth $284,000 after buying an additional 125 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in Concho Resources during the second quarter worth $2,515,000. Finally, Hermes Investment Management Ltd. acquired a new position in Concho Resources during the second quarter worth $204,000. 93.15% of the stock is owned by hedge funds and other institutional investors.
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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