Seaport Global Securities Comments on Concho Resources Inc.’s Q3 2017 Earnings (CXO)
Concho Resources Inc. (NYSE:CXO) – Seaport Global Securities upped their Q3 2017 earnings per share (EPS) estimates for shares of Concho Resources in a report released on Tuesday. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings per share of $0.18 for the quarter, up from their previous forecast of $0.16. Seaport Global Securities also issued estimates for Concho Resources’ FY2017 earnings at $1.38 EPS, Q1 2018 earnings at $0.04 EPS, Q2 2018 earnings at $0.04 EPS, Q3 2018 earnings at $0.13 EPS, Q4 2018 earnings at $0.14 EPS and FY2018 earnings at $0.35 EPS.
Other equities research analysts have also issued reports about the company. BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $192.00 price target on shares of Concho Resources in a research note on Friday, July 14th. Citigroup Inc decreased their price target on Concho Resources from $168.00 to $166.00 and set a “buy” rating for the company in a research note on Thursday, July 13th. Scotiabank set a $125.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Saturday, July 1st. Finally, BMO Capital Markets reissued a “buy” rating on shares of Concho Resources in a research note on Friday, August 11th. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $151.11.
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Concho Resources (NYSE CXO) opened at 130.53 on Thursday. The stock has a market capitalization of $19.26 billion, a PE ratio of 30.29 and a beta of 1.14. Concho Resources has a 1-year low of $106.73 and a 1-year high of $147.55. The stock’s 50 day moving average price is $128.50 and its 200 day moving average price is $124.51.
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, topping the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million for 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%. The business’s quarterly revenue was up 43.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS.
In related news, VP E Joseph Wright sold 16,696 shares of the business’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 directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.99% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Calamos Advisors LLC grew its stake in Concho Resources by 3.8% during the 3rd quarter. Calamos Advisors LLC now owns 24,191 shares of the oil and natural gas company’s stock worth $3,186,000 after buying an additional 888 shares during the last quarter. First Trust Advisors LP grew its stake in Concho Resources by 60.6% during the 3rd quarter. First Trust Advisors LP now owns 116,507 shares of the oil and natural gas company’s stock worth $15,346,000 after buying an additional 43,973 shares during the last quarter. Nippon Life Insurance Co. grew its stake in Concho Resources by 12.3% during the 3rd quarter. Nippon Life Insurance Co. now owns 10,664 shares of the oil and natural gas company’s stock worth $1,405,000 after buying an additional 1,168 shares during the last quarter. Cue Financial Group Inc. grew its stake in Concho Resources by 50.1% during the 3rd quarter. Cue Financial Group Inc. now owns 3,505 shares of the oil and natural gas company’s stock worth $462,000 after buying an additional 1,170 shares during the last quarter. Finally, Strs Ohio grew its stake in Concho Resources by 5.4% during the 3rd quarter. Strs Ohio now owns 8,340 shares of the oil and natural gas company’s stock worth $1,098,000 after buying an additional 428 shares during the last quarter. Hedge funds and other institutional investors own 92.33% 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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