Concho Resources Inc (CXO) Forecasted to Post Q1 2018 Earnings of $0.64 Per Share

Concho Resources Inc (NYSE:CXO) – Analysts at KeyCorp boosted their Q1 2018 earnings per share (EPS) estimates for shares of Concho Resources in a research report issued on Sunday. KeyCorp analyst D. Deckelbaum now forecasts that the oil and natural gas company will post earnings of $0.64 per share for the quarter, up from their previous estimate of $0.53. KeyCorp has a “Buy” rating and a $165.00 price objective on the stock. KeyCorp also issued estimates for Concho Resources’ Q2 2018 earnings at $0.77 EPS, Q3 2018 earnings at $0.84 EPS, Q4 2018 earnings at $0.92 EPS, Q1 2019 earnings at $1.04 EPS, Q2 2019 earnings at $1.14 EPS, Q3 2019 earnings at $1.29 EPS and Q4 2019 earnings at $1.36 EPS.

Several other analysts have also issued reports on CXO. Royal Bank of Canada restated a “buy” rating and issued a $158.00 price target on shares of Concho Resources in a research report on Friday, September 29th. Stifel Nicolaus set a $185.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Thursday, October 5th. Jefferies Group upgraded 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 report on Monday, October 9th. Barclays raised their price target on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Finally, Zacks Investment Research upgraded shares of 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. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $159.26.

Shares of Concho Resources (CXO) opened at $160.41 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. The stock has a market cap of $23,850.00, a price-to-earnings ratio of 42.21 and a beta of 1.08. Concho Resources has a 12-month low of $106.73 and a 12-month high of $160.52.

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 (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS.

A number of hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue lifted its holdings in Concho Resources by 92.7% during 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 during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Concho Resources by 7.2% during 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 during the last quarter. Creative Planning lifted its holdings in Concho Resources by 154.2% during 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 during the last quarter. National Pension Service lifted its holdings in Concho Resources by 4.3% during 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 during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Concho Resources by 10.7% during 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 during the last quarter. 94.47% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Ray M. Poage sold 4,000 shares of the firm’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 transaction, the director now directly owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.99% of the stock is currently owned by company insiders.

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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.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

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