Concho Resources (NYSE:CXO) had its target price hoisted by stock analysts at Morgan Stanley from $155.00 to $183.00 in a research note issued to investors on Wednesday. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target suggests a potential upside of 13.20% from the company’s previous close.
CXO has been the topic of several other reports. Barclays raised their target price on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. Bank of America raised shares of Concho Resources from a “neutral” rating to a “buy” rating and set a $190.00 target price on the stock in a report on Thursday, January 4th. Cowen reaffirmed a “hold” rating and set a $145.00 target price on shares of Concho Resources in a report on Sunday, October 22nd. Royal Bank of Canada set a $167.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Wednesday, December 20th. 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. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Concho Resources has an average rating of “Buy” and an average target price of $162.89.
Shares of Concho Resources (NYSE CXO) traded up $1.87 on Wednesday, hitting $161.66. 847,153 shares of the stock traded hands, compared to its average volume of 1,040,000. Concho Resources has a 12 month low of $106.73 and a 12 month high of $162.21. The company has a market capitalization of $24,040.00, a PE ratio of 42.54 and a beta of 1.08. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66.
Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.19. Concho Resources had a negative net margin of 18.02% and a negative return on equity of 5.22%. The company had revenue of $627.00 million for the quarter, compared to analysts’ expectations of $614.12 million. During the same period last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. sell-side analysts forecast that Concho Resources will post 1.88 EPS for the current year.
In related news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the sale, the director now owns 24,799 shares in the company, valued at approximately $3,741,425.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.99% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in Concho Resources in the fourth quarter valued at approximately $1,084,000. Commerzbank Aktiengesellschaft FI boosted its position in Concho Resources by 49.2% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 46,924 shares of the oil and natural gas company’s stock valued at $7,049,000 after buying an additional 15,474 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Concho Resources by 12.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 25,482 shares of the oil and natural gas company’s stock valued at $3,829,000 after buying an additional 2,910 shares in the last quarter. Jennison Associates LLC boosted its position in Concho Resources by 10.0% in the fourth quarter. Jennison Associates LLC now owns 6,201,680 shares of the oil and natural gas company’s stock valued at $931,616,000 after buying an additional 561,485 shares in the last quarter. Finally, APG Asset Management N.V. boosted its position in Concho Resources by 4.7% in the fourth quarter. APG Asset Management N.V. now owns 44,523 shares of the oil and natural gas company’s stock valued at $5,570,000 after buying an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.
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.