Concho Resources Inc. (CXO) Forecasted to Earn FY2017 Earnings of $1.59 Per Share
Concho Resources Inc. (NYSE:CXO) – Investment analysts at KeyCorp increased their FY2017 earnings estimates for shares of Concho Resources in a report released on Wednesday. KeyCorp analyst D. Deckelbaum now expects that the oil and natural gas company will earn $1.59 per share for the year, up from their prior forecast of $1.55.
Several other equities research analysts have also commented on the company. BidaskClub lowered Concho Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup Inc. decreased their price target on Concho Resources from $166.00 to $151.00 and set a “buy” rating on the stock in a research note on Friday, July 21st. Cowen and Company set a $145.00 price target on Concho Resources and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Jefferies Group LLC set a $140.00 price target on Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $154.05.
Concho Resources (CXO) opened at 118.73 on Monday. Concho Resources has a one year low of $112.73 and a one year high of $147.55. The firm has a market cap of $17.66 billion, a PE ratio of 27.40 and a beta of 1.09. The firm’s 50 day moving average price is $122.96 and its 200-day moving average price is $129.53.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The business’s revenue was up 43.2% compared to the same quarter last year.
A number of hedge funds have recently made changes to their positions in CXO. Vanguard Group Inc. boosted its stake in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares during the period. Rothschild Capital Partners LLC acquired a new stake in shares of Concho Resources during the second quarter worth $778,000. DekaBank Deutsche Girozentrale boosted its stake in shares of 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 worth $1,728,000 after buying an additional 2,255 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Concho Resources by 4.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 441,284 shares of the oil and natural gas company’s stock worth $56,635,000 after buying an additional 19,338 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Concho Resources during the first quarter worth $693,000. 93.13% of the stock is owned by hedge funds and other institutional investors.
In other 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. 1.20% of the stock is owned by insiders.
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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