Concho Resources Inc. (CXO) Given New $144.00 Price Target at Barclays PLC
Concho Resources Inc. (NYSE:CXO) had its target price lifted by equities researchers at Barclays PLC from $124.00 to $144.00 in a research report issued on Wednesday. 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 6.60% from the company’s previous close.
CXO has been the topic of a number of other reports. Stifel Nicolaus set a $185.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, October 5th. Bank of America Corporation lowered Concho Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $155.00 to $128.00 in a research report on Friday, June 30th. BidaskClub upgraded Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, Citigroup Inc. decreased their price target on Concho Resources from $151.00 to $149.00 and set a “buy” rating on the stock in a research report on Tuesday, August 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. Concho Resources currently has an average rating of “Hold” and a consensus target price of $151.06.
Shares of Concho Resources (CXO) traded up 0.55% during mid-day trading on Wednesday, reaching $135.82. The company’s stock had a trading volume of 271,506 shares. The company has a 50 day moving average of $121.84 and a 200-day moving average of $124.11. The firm has a market capitalization of $20.20 billion, a P/E ratio of 30.32 and a beta of 1.14. Concho Resources has a 12 month low of $106.73 and a 12 month high of $147.55.
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, topping the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million for 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 revenue for the quarter was up 43.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. Equities research analysts forecast that Concho Resources will post $1.60 EPS for the current year.
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In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the transaction, the vice president now owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.99% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of CXO. Stifel Financial Corp lifted its stake in shares of Concho Resources by 90.9% in the 1st quarter. Stifel Financial Corp now owns 6,886 shares of the oil and natural gas company’s stock valued at $883,000 after purchasing an additional 3,279 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of Concho Resources by 4.2% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 4,710 shares of the oil and natural gas company’s stock valued at $604,000 after purchasing an additional 190 shares during the period. Teachers Advisors LLC lifted its stake in shares of Concho Resources by 2.0% in the 1st quarter. Teachers Advisors LLC now owns 1,115,127 shares of the oil and natural gas company’s stock valued at $143,115,000 after purchasing an additional 21,671 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Concho Resources by 2.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,589 shares of the oil and natural gas company’s stock valued at $1,103,000 after purchasing an additional 232 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its stake in shares of Concho Resources by 34.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 113,710 shares of the oil and natural gas company’s stock valued at $14,594,000 after purchasing an additional 29,093 shares during the period. 92.36% of the stock is currently owned by institutional investors.
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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