Citigroup Inc. Lowers Concho Resources Inc. (CXO) Price Target to $149.00
Concho Resources Inc. (NYSE:CXO) had its target price lowered by equities researchers at Citigroup Inc. from $151.00 to $149.00 in a research report issued on Tuesday. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Citigroup Inc.’s price target points to a potential upside of 31.73% from the company’s previous close.
Several other equities research analysts have also issued reports on CXO. Credit Suisse Group set a $158.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Saturday, May 6th. Royal Bank Of Canada set a $178.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Saturday, June 17th. Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. BidaskClub lowered Concho Resources from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, Barclays PLC decreased their price target on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the stock. Concho Resources currently has an average rating of “Hold” and a consensus target price of $152.68.
Shares of Concho Resources (NYSE CXO) traded down 2.11% during mid-day trading on Tuesday, reaching $110.72. The company’s stock had a trading volume of 614,800 shares. Concho Resources has a 52-week low of $110.18 and a 52-week high of $147.55. The company has a market cap of $16.34 billion, a PE ratio of 25.70 and a beta of 1.09. The company has a 50-day moving average price of $123.11 and a 200 day moving average price of $128.29.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. The business had revenue of $567 million during the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. During the same period last year, the company earned $0.26 EPS. Equities analysts expect that Concho Resources will post $1.61 earnings per share for the current year.
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In other news, Director Lawrence J. Nagy sold 120,000 shares of Concho Resources stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. Also, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the transaction, the vice president now owns 132,388 shares in the company, valued at $15,203,437.92. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position 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 in the last quarter. Rothschild Capital Partners LLC acquired a new position in shares of Concho Resources during the second quarter valued at $778,000. DekaBank Deutsche Girozentrale increased its position 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 valued at $1,728,000 after buying an additional 2,255 shares during the period. Schwab Charles Investment Management Inc. increased its position 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 valued at $56,635,000 after buying an additional 19,338 shares during the period. Finally, Channing Capital Management LLC increased its position in shares of Concho Resources by 5.5% in the second quarter. Channing Capital Management LLC now owns 91,773 shares of the oil and natural gas company’s stock valued at $11,153,000 after buying an additional 4,798 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.
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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