KeyCorp Equities Analysts Raise Earnings Estimates for Concho Resources Inc. (CXO)
Concho Resources Inc. (NYSE:CXO) – Equities researchers at KeyCorp increased their FY2017 earnings per share (EPS) estimates for shares of Concho Resources in a report released on Tuesday. KeyCorp analyst D. Deckelbaum now expects that the oil and natural gas company will post earnings per share of $1.85 for the year, up from their prior forecast of $1.60. 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 $0.38 EPS.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.19. Concho Resources had a return on equity of 2.95% and a net margin of 24.19%. The company had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. During the same period in the prior year, the firm earned $0.32 earnings per share. Concho Resources’s revenue for the quarter was up 45.8% on a year-over-year basis. ILLEGAL ACTIVITY NOTICE: “KeyCorp Equities Analysts Raise Earnings Estimates for Concho Resources Inc. (CXO)” was first posted by American Banking News and is the sole property of of American Banking News. If you are reading this story on another site, it was illegally stolen and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be read at https://www.americanbankingnews.com/2017/11/02/keycorp-equities-analysts-raise-earnings-estimates-for-concho-resources-inc-cxo.html.
A number of other brokerages have also recently issued reports on CXO. SunTrust Banks, Inc. set a $145.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research cut Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. BMO Capital Markets reiterated a “buy” rating on shares of Concho Resources in a research note on Friday, August 11th. Barclays PLC lowered their price objective on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday, August 8th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $158.00 price objective on shares of Concho Resources in a research note on Friday, September 29th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $150.80.
In related 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 value of $1,917,368.64. Following the completion of the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.99% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CXO. Oppenheimer Asset Management Inc. bought a new stake in shares of Concho Resources in the first quarter worth $174,000. AQR Capital Management LLC grew its holdings in shares of Concho Resources by 135.2% in the first quarter. AQR Capital Management LLC now owns 11,433 shares of the oil and natural gas company’s stock worth $1,467,000 after acquiring an additional 6,573 shares during the period. HighTower Advisors LLC grew its holdings in shares of Concho Resources by 16.1% in the first quarter. HighTower Advisors LLC now owns 2,398 shares of the oil and natural gas company’s stock worth $308,000 after acquiring an additional 332 shares during the period. DnB Asset Management AS grew its holdings in shares of Concho Resources by 1.2% in the second quarter. DnB Asset Management AS now owns 17,355 shares of the oil and natural gas company’s stock worth $2,109,000 after acquiring an additional 200 shares during the period. Finally, Copper Rock Capital Partners LLC grew its holdings in shares of Concho Resources by 330.5% in the second quarter. Copper Rock Capital Partners LLC now owns 2,833 shares of the oil and natural gas company’s stock worth $376,000 after acquiring an additional 2,175 shares during the period. 92.28% of the stock is owned by institutional investors.
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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