Concho Resources (NYSE:CXO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Concho Resources' core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. However, we remain concerned of the service cost inflation and the company’s lack of geographical diversification. Further, until the commodity prices rebound sufficiently, we believe investors should exhibit caution before accumulating shares.”

A number of other equities research analysts also recently issued reports on the stock. Jefferies Group reissued a “hold” rating and issued a $109.00 price target (down from $130.00) on shares of Concho Resources in a research note on Tuesday, August 29th. KeyCorp set a $150.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research note on Thursday, October 19th. Morgan Stanley boosted their price target on shares of Concho Resources from $152.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Barclays boosted their price target on shares of Concho Resources from $124.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, October 11th. Finally, Royal Bank Of Canada set a $158.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research note on Thursday, August 24th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $153.89.

Shares of Concho Resources (NYSE:CXO) traded down $0.88 during mid-day trading on Wednesday, reaching $138.31. 802,200 shares of the company’s stock were exchanged, compared to its average volume of 1,273,377. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. Concho Resources has a one year low of $106.73 and a one year high of $147.77. The stock has a market capitalization of $20,697.00, a P/E ratio of 83.85 and a beta of 1.09.

Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The company had revenue of $627.00 million for the quarter, compared to the consensus estimate of $614.12 million. During the same period in the previous year, the firm earned $0.32 earnings per share. Concho Resources’s quarterly revenue was up 45.8% compared to the same quarter last year. analysts anticipate that Concho Resources will post 1.82 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in CXO. Israel Discount Bank of New York grew its holdings in Concho Resources by 32.0% during the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after acquiring an additional 200 shares in the last quarter. Sun Life Financial INC grew its holdings in Concho Resources by 10,850.0% during the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after acquiring an additional 1,085 shares in the last quarter. Twin Tree Management LP acquired a new position in Concho Resources during the 2nd quarter worth approximately $137,000. C M Bidwell & Associates Ltd. grew its holdings in Concho Resources by 1.4% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after acquiring an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc acquired a new position in Concho Resources during the 3rd quarter worth approximately $206,000. Hedge funds and other institutional investors own 94.55% of the company’s stock.

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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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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