Zacks: Brokerages Expect Concho Resources Inc. (CXO) to Post $0.28 EPS
Equities analysts predict that Concho Resources Inc. (NYSE:CXO) will report $0.28 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Concho Resources’ earnings. The lowest EPS estimate is $0.15 and the highest is $0.47. Concho Resources posted earnings of $0.32 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 12.5%. The firm is expected to report its next earnings report after the market closes on Tuesday, October 31st.
According to Zacks, analysts expect that Concho Resources will report full-year earnings of $1.58 per share for the current year, with EPS estimates ranging from $1.32 to $1.96. For the next year, analysts forecast that the company will post earnings of $1.67 per share, with EPS estimates ranging from $0.11 to $3.01. Zacks Investment Research’s earnings per share calculations are an average based on a survey of analysts that that provide coverage for Concho Resources.
Concho Resources (NYSE:CXO) last released its quarterly 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. 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%. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS.
Several equities research analysts recently issued reports on the company. Royal Bank Of Canada set a $178.00 price objective on Concho Resources and gave the stock a “buy” rating in a report on Saturday, June 17th. Zacks Investment Research cut Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Barclays PLC lowered their price objective on Concho Resources from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Tuesday, August 8th. BMO Capital Markets reiterated a “buy” rating on shares of Concho Resources in a report on Friday, August 11th. Finally, Scotiabank set a $125.00 price objective on Concho Resources and gave the stock a “buy” rating in a report on Saturday, July 1st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the stock. Concho Resources has an average rating of “Hold” and an average target price of $148.53.
Concho Resources (NYSE:CXO) traded down 2.73% during midday trading on Friday, reaching $112.07. The company had a trading volume of 1,230,097 shares. Concho Resources has a 12-month low of $106.73 and a 12-month high of $147.55. The stock has a market capitalization of $16.67 billion, a PE ratio of 25.02 and a beta of 1.12. The company has a 50-day moving average of $117.02 and a 200-day moving average of $124.61.
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In related news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $114.84, for a total value of $1,917,368.64. Following the transaction, the vice president now directly owns 132,388 shares in the company, valued at $15,203,437.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.99% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Concho Resources by 3.1% in the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after acquiring an additional 454,428 shares during the last quarter. Capital World Investors lifted its holdings in Concho Resources by 10.6% in the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock valued at $1,311,613,000 after acquiring an additional 1,034,000 shares during the last quarter. BlackRock Inc. lifted its holdings in Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock valued at $1,238,471,000 after acquiring an additional 9,314,878 shares during the last quarter. State Street Corp lifted its holdings in Concho Resources by 0.3% in the second quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock valued at $959,272,000 after acquiring an additional 20,760 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Concho Resources by 30.8% in the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock valued at $825,288,000 after acquiring an additional 1,599,084 shares during the last quarter. Hedge funds and other institutional investors own 92.41% 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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