KeyCorp Analysts Give Concho Resources (CXO) a $165.00 Price Target

Concho Resources (NYSE:CXO) has been given a $165.00 price target by stock analysts at KeyCorp in a research report issued to clients and investors on Sunday. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. KeyCorp’s price target indicates a potential upside of 5.64% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Scotiabank set a $145.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Saturday, November 25th. Jefferies Group raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research note on Monday, October 9th. Stifel Nicolaus set a $185.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. Royal Bank of Canada reiterated a “buy” rating and issued a $158.00 price objective on shares of Concho Resources in a report on Friday, September 29th. Finally, Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price objective for the company in a report on Monday, October 16th. Nine research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $159.26.

Concho Resources (NYSE:CXO) traded down $0.28 during midday trading on Friday, hitting $156.19. 1,083,300 shares of the stock were exchanged, compared to its average volume of 985,431. Concho Resources has a 1-year low of $106.73 and a 1-year high of $160.37. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $23,390.00, a P/E ratio of 41.10 and a beta of 1.08.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business had revenue of $627.00 million for the quarter, compared to the consensus estimate of $614.12 million. During the same period in the prior year, the business posted $0.32 earnings per share. Concho Resources’s revenue for the quarter was up 45.8% compared to the same quarter last year. analysts anticipate that Concho Resources will post 1.86 EPS 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 dated Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the sale, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.99% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank boosted its holdings in Concho Resources by 12.4% during the third quarter. Toronto Dominion Bank now owns 56,398 shares of the oil and natural gas company’s stock valued at $7,428,000 after acquiring an additional 6,206 shares during the period. Nordea Investment Management AB boosted its holdings in Concho Resources by 33.6% during the second quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock valued at $968,000 after acquiring an additional 2,003 shares during the period. Texas Capital Bancshares Inc. TX boosted its holdings in Concho Resources by 5.5% during the third quarter. Texas Capital Bancshares Inc. TX now owns 7,274 shares of the oil and natural gas company’s stock valued at $958,000 after acquiring an additional 380 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Concho Resources by 0.6% in the third quarter. Asset Management One Co. Ltd. now owns 241,786 shares of the oil and natural gas company’s stock valued at $31,851,000 after buying an additional 1,440 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Concho Resources by 11.3% in the third quarter. Ameriprise Financial Inc. now owns 361,781 shares of the oil and natural gas company’s stock valued at $47,654,000 after buying an additional 36,662 shares during the period. Institutional investors own 94.47% 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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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