Barclays PLC Cuts Concho Resources Inc. (CXO) Price Target to $124.00
Concho Resources Inc. (NYSE:CXO) had its price target dropped by stock analysts at Barclays PLC from $125.00 to $124.00 in a report issued on Tuesday. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Barclays PLC’s target price suggests a potential upside of 5.16% from the company’s previous close.
Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada set a $178.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Saturday, June 17th. Credit Suisse Group set a $158.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Saturday, May 6th. BidaskClub downgraded Concho Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Scotiabank set a $125.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Saturday, July 1st. Finally, Cowen and Company set a $145.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $152.65.
Shares of Concho Resources (NYSE CXO) traded up 1.52% during mid-day trading on Tuesday, reaching $117.92. The company’s stock had a trading volume of 2,098,848 shares. Concho Resources has a 1-year low of $112.73 and a 1-year high of $147.55. The firm has a market capitalization of $17.54 billion, a P/E ratio of 27.21 and a beta of 1.09. The company’s 50-day moving average is $122.96 and its 200 day moving average is $129.53.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. During the same quarter in the previous year, the business earned $0.26 earnings per share. The firm’s quarterly revenue was up 43.2% compared to the same quarter last year. On average, analysts expect that Concho Resources will post $1.57 earnings per share for the current year.
In other news, Director Lawrence J. Nagy sold 120,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total transaction of $32,400.00. Corporate insiders own 1.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Balentine LLC boosted its stake in shares of 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 during the last quarter. Exane Derivatives boosted its stake in shares of 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 during the last quarter. NN Investment Partners Holdings N.V. boosted its stake in shares of 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 during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Concho Resources during the first quarter worth $174,000. Finally, Baird Financial Group Inc. bought a new stake in shares of Concho Resources during the first quarter worth $201,000. Institutional investors and hedge funds own 93.13% 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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