Q3 2017 EPS Estimates for Concho Resources Inc. (CXO) Reduced by SunTrust Banks
Concho Resources Inc. (NYSE:CXO) – Investment analysts at SunTrust Banks dropped their Q3 2017 earnings per share estimates for Concho Resources in a research report issued to clients and investors on Friday. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings per share of $0.31 for the quarter, down from their prior forecast of $0.34. SunTrust Banks also issued estimates for Concho Resources’ Q4 2017 earnings at $0.38 EPS and FY2018 earnings at $2.01 EPS.
A number of other research analysts have also recently issued reports on the stock. Citigroup Inc. restated a “buy” rating and set a $173.00 price objective (up previously from $172.00) on shares of Concho Resources in a report on Saturday, April 22nd. BidaskClub cut shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Stifel Nicolaus started coverage on shares of Concho Resources in a report on Wednesday, April 12th. They set a “buy” rating and a $206.00 price objective for the company. BMO Capital Markets restated a “buy” rating and set a $180.00 price objective on shares of Concho Resources in a report on Thursday, June 22nd. Finally, Scotiabank set a $156.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, May 4th. 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 company presently has an average rating of “Buy” and an average target price of $154.05.
Concho Resources (NYSE CXO) opened at 118.73 on Monday. The company has a market cap of $17.66 billion, a P/E ratio of 27.40 and a beta of 1.09. Concho Resources has a 12-month low of $112.73 and a 12-month high of $147.55. The firm has a 50-day moving average price of $122.96 and a 200-day moving average price of $129.53.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share 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 company had revenue of $567 million for the quarter, compared to the consensus estimate of $626.09 million. During the same quarter in the prior year, the company earned $0.26 earnings per share. Concho Resources’s revenue was up 43.2% on a year-over-year basis.
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 value of $32,400.00. Insiders own 1.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Korea Investment CORP raised its stake in Concho Resources by 0.6% in the first quarter. Korea Investment CORP now owns 62,386 shares of the oil and natural gas company’s stock valued at $8,007,000 after buying an additional 374 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in Concho Resources by 8.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,895 shares of the oil and natural gas company’s stock valued at $467,000 after buying an additional 298 shares during the period. Nationwide Fund Advisors raised its stake in Concho Resources by 3.8% in the first quarter. Nationwide Fund Advisors now owns 71,915 shares of the oil and natural gas company’s stock valued at $9,230,000 after buying an additional 2,608 shares during the period. Candriam Luxembourg S.C.A. raised its stake in Concho Resources by 57.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 10,744 shares of the oil and natural gas company’s stock valued at $1,379,000 after buying an additional 3,939 shares during the period. Finally, State of Alaska Department of Revenue purchased a new stake in Concho Resources during the first quarter valued at about $693,000. 93.13% of the stock is currently owned by institutional investors and hedge funds.
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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