Concho Resources (NYSE:CXO) was downgraded by equities researchers at KLR Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, The Fly reports.
CXO has been the topic of a number of other reports. Jefferies Group restated a “hold” rating and issued a $109.00 price objective (down from $130.00) on shares of Concho Resources in a research note on Tuesday, August 29th. KeyCorp set a $150.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Thursday, October 19th. Barclays boosted their price objective on Concho Resources from $124.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, October 11th. Morgan Stanley boosted their price objective on Concho Resources from $152.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Finally, Royal Bank of Canada set a $158.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Thursday, August 24th. Ten investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $153.37.
Shares of Concho Resources (NYSE CXO) opened at $146.81 on Thursday. The company has a market capitalization of $20,863.54, a price-to-earnings ratio of 84.52 and a beta of 1.09. Concho Resources has a 52 week low of $106.73 and a 52 week high of $147.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Concho Resources by 3.1% during the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after purchasing an additional 454,428 shares in the last quarter. Capital World Investors grew its holdings in shares of Concho Resources by 10.6% during the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after purchasing an additional 1,034,000 shares in the last quarter. State Street Corp grew its holdings in shares of Concho Resources by 0.3% during the second quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock worth $959,272,000 after purchasing an additional 20,760 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Concho Resources by 30.8% during the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after purchasing an additional 1,599,084 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of Concho Resources by 5.0% during the second quarter. TIAA CREF Investment Management LLC now owns 4,085,360 shares of the oil and natural gas company’s stock worth $496,494,000 after purchasing an additional 195,820 shares in the last quarter. 94.47% of the stock is owned by institutional investors and hedge funds.
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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.
