Concho Resources Inc. (CXO) Forecasted to Post Q3 2017 Earnings of $0.23 Per Share
Concho Resources Inc. (NYSE:CXO) – Analysts at Jefferies Group issued their Q3 2017 earnings per share estimates for shares of Concho Resources in a research note issued to investors on Monday. Jefferies Group analyst M. Lear forecasts that the oil and natural gas company will post earnings per share of $0.23 for the quarter. Jefferies Group has a “Buy” rating and a $159.00 price target on the stock. Jefferies Group also issued estimates for Concho Resources’ Q4 2017 earnings at $0.28 EPS, FY2017 earnings at $1.51 EPS, Q1 2018 earnings at $0.33 EPS, Q2 2018 earnings at $0.37 EPS, Q3 2018 earnings at $0.48 EPS, Q4 2018 earnings at $0.52 EPS and FY2018 earnings at $1.70 EPS.
Several other brokerages also recently commented on CXO. BidaskClub raised shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research cut shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Stifel Nicolaus restated a “buy” rating and issued a $192.00 price objective on shares of Concho Resources in a report on Friday, July 14th. Citigroup Inc. cut their price objective on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Finally, BMO Capital Markets reiterated a “buy” rating and set a $180.00 price target on shares of Concho Resources in a report on Thursday, June 22nd. One investment 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. The company presently has a consensus rating of “Hold” and a consensus price target of $151.06.
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Concho Resources (NYSE CXO) opened at 135.67 on Thursday. The company’s 50-day moving average price is $122.59 and its 200 day moving average price is $124.19. Concho Resources has a 12 month low of $106.73 and a 12 month high of $147.55. The company has a market capitalization of $20.02 billion, a price-to-earnings ratio of 31.49 and a beta of 1.14.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. The company had revenue of $567.00 million during the quarter, compared to analysts’ expectations 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 was up 43.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 EPS.
A number of large investors have recently added to or reduced their stakes in the business. C M Bidwell & Associates Ltd. boosted its holdings in shares of Concho Resources by 1.4% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after acquiring an additional 20 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Concho Resources by 1.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock valued at $426,000 after acquiring an additional 35 shares during the last quarter. Cadence Capital Management LLC boosted its holdings in shares of Concho Resources by 0.9% in the 2nd quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock valued at $639,000 after acquiring an additional 48 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Concho Resources by 2.5% in the 2nd quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock valued at $304,000 after acquiring an additional 60 shares during the last quarter. Finally, Symphony Asset Management LLC boosted its holdings in shares of Concho Resources by 2.5% in the 2nd quarter. Symphony Asset Management LLC now owns 2,804 shares of the oil and natural gas company’s stock valued at $341,000 after acquiring an additional 69 shares during the last quarter. 92.36% of the stock is currently owned by institutional investors.
In other news, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction that occurred 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 transaction, the vice president now owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.99% of the stock is owned by insiders.
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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