FY2017 EPS Estimates for Concho Resources Inc. Lifted by Analyst (CXO)
Concho Resources Inc. (NYSE:CXO) – Stock analysts at KeyCorp upped their FY2017 EPS estimates for Concho Resources in a research report issued to clients and investors on Wednesday. KeyCorp analyst D. Deckelbaum now anticipates that the oil and natural gas company will earn $1.60 per share for the year, up from their previous forecast of $1.58. KeyCorp has a “Buy” rating and a $150.00 price target on the stock. KeyCorp also issued estimates for Concho Resources’ Q4 2017 earnings at $0.36 EPS and FY2018 earnings at $1.67 EPS.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. During the same period in the previous year, the firm earned $0.26 earnings per share. The company’s revenue was up 43.2% compared to the same quarter last year.
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CXO has been the topic of a number of other reports. Royal Bank Of Canada set a $158.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, August 24th. Citigroup Inc. cut their price objective on Concho Resources from $168.00 to $166.00 and set a “buy” rating on the stock in a research report on Thursday, July 13th. Barclays PLC lifted their price objective on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price objective on the stock in a research report on Monday, October 16th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $109.00 price objective (down from $130.00) on shares of Concho Resources in a research report on Tuesday, August 29th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Concho Resources currently has an average rating of “Buy” and a consensus price target of $151.11.
Concho Resources (NYSE CXO) opened at 134.11 on Monday. The firm has a 50-day moving average price of $127.39 and a 200 day moving average price of $124.51. Concho Resources has a 52 week low of $106.73 and a 52 week high of $147.55. The firm has a market capitalization of $19.79 billion, a price-to-earnings ratio of 31.12 and a beta of 1.14.
Hedge funds have recently bought and sold shares of the company. Israel Discount Bank of New York raised its stake in shares of Concho Resources by 32.0% in the second quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after purchasing an additional 200 shares during the last quarter. Exane Derivatives raised its stake in shares of Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after purchasing an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in shares of Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after purchasing an additional 200 shares during the last quarter. Sun Life Financial INC raised its stake in shares of Concho Resources by 10,850.0% in the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after purchasing an additional 1,085 shares during the last quarter. Finally, Twin Tree Management LP purchased a new position in shares of Concho Resources in the second quarter worth $137,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of Concho Resources 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 completion of the transaction, the vice president now 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 can be accessed through this link. 0.99% of the stock is currently owned by insiders.
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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