Concho Resources (CXO) Given a $165.00 Price Target by Cowen Analysts

Concho Resources (NYSE:CXO) received a $165.00 price objective from research analysts at Cowen in a research note issued on Thursday. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. Cowen’s price objective indicates a potential upside of 5.64% from the company’s previous close.

CXO has been the topic of several other reports. Barclays boosted their price target on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Bank of America raised Concho Resources from a “neutral” rating to a “buy” rating and set a $190.00 price target on the stock in a research report on Thursday, January 4th. Royal Bank of Canada set a $167.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price target on the stock in a research report on Monday, October 16th. Finally, Jefferies Group set a $173.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Concho Resources has an average rating of “Buy” and an average price target of $158.47.

Concho Resources (CXO) traded down $0.23 during midday trading on Thursday, hitting $156.19. The stock had a trading volume of 1,080,000 shares, compared to its average volume of 1,020,000. The firm has a market cap of $23,220.00, a price-to-earnings ratio of 41.10 and a beta of 1.08. Concho Resources has a fifty-two week low of $106.73 and a fifty-two week high of $160.37. 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 (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.26 by $0.19. The firm had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. Concho Resources’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS. equities analysts expect that Concho Resources will post 1.86 earnings per share for the current fiscal year.

In other Concho Resources news, Director Ray M. Poage sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total value of $603,480.00. Following the transaction, the director now directly owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.99% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue raised its position in shares of Concho Resources by 92.7% in the 4th quarter. State of Alaska Department of Revenue now owns 17,236 shares of the oil and natural gas company’s stock valued at $2,589,000 after purchasing an additional 8,290 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Concho Resources by 7.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 517,867 shares of the oil and natural gas company’s stock valued at $77,794,000 after purchasing an additional 34,958 shares in the last quarter. Creative Planning raised its position in shares of Concho Resources by 154.2% in the 4th quarter. Creative Planning now owns 6,852 shares of the oil and natural gas company’s stock valued at $1,029,000 after purchasing an additional 4,157 shares in the last quarter. National Pension Service raised its position in shares of Concho Resources by 4.3% in the 4th quarter. National Pension Service now owns 157,554 shares of the oil and natural gas company’s stock valued at $23,668,000 after purchasing an additional 6,481 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of Concho Resources by 10.7% in the 4th quarter. Bank of Montreal Can now owns 71,123 shares of the oil and natural gas company’s stock valued at $10,684,000 after purchasing an additional 6,876 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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