Concho Resources Inc. (CXO) Price Target Cut to $142.00 by Analysts at Piper Jaffray Companies
Concho Resources Inc. (NYSE:CXO) had its price target lowered by analysts at Piper Jaffray Companies from $167.00 to $142.00 in a note issued to investors on Monday. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 15.60% from the company’s current price.
A number of other equities research analysts have also recently commented on the stock. ValuEngine raised shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $109.00 target price (down from $130.00) on shares of Concho Resources in a report on Tuesday, August 29th. Royal Bank Of Canada set a $158.00 target price on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, August 24th. Citigroup Inc. reduced their target price on shares of Concho Resources from $151.00 to $149.00 and set a “buy” rating for the company in a report on Tuesday, August 15th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Concho Resources in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $146.76.
Shares of Concho Resources (NYSE CXO) traded up 0.06% during midday trading on Monday, reaching $122.91. The company’s stock had a trading volume of 375,626 shares. Concho Resources has a 52 week low of $106.73 and a 52 week high of $147.55. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of 28.52 and a beta of 1.12. The company has a 50 day moving average of $115.38 and a 200-day moving average of $124.04.
Concho Resources (NYSE:CXO) last announced its quarterly 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 net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567.00 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same period in the previous year, the company earned $0.26 earnings per share. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. Equities research analysts predict that Concho Resources will post $1.62 earnings per share for the current year.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.99% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. C M Bidwell & Associates Ltd. grew its position in Concho Resources by 1.4% during the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after buying an additional 20 shares during the period. Oppenheimer & Co. Inc. grew its position in Concho Resources by 1.0% during the second quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock worth $426,000 after buying an additional 35 shares during the period. Cadence Capital Management LLC grew its position in Concho Resources by 0.9% during the second quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock worth $639,000 after buying an additional 48 shares during the period. Dynamic Technology Lab Private Ltd grew its position in Concho Resources by 1.2% during the first quarter. Dynamic Technology Lab Private Ltd now owns 4,400 shares of the oil and natural gas company’s stock worth $564,000 after buying an additional 51 shares during the period. Finally, Private Advisor Group LLC grew its position in Concho Resources by 2.5% during the second quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock worth $304,000 after buying an additional 60 shares during the period. Institutional investors own 92.36% 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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