Equities research analysts at Deutsche Bank started coverage on shares of Concho Resources (NYSE:CXO) in a research note issued on Thursday, The Fly reports. The brokerage set a “hold” rating on the oil and natural gas company’s stock.
CXO has been the subject of a number of other research reports. Barclays boosted their price objective on 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 upgraded Concho Resources from a “neutral” rating to a “buy” rating and set a $190.00 price objective for the company in a report on Thursday, January 4th. Cowen restated a “hold” rating and set a $145.00 price objective on shares of Concho Resources in a report on Sunday, October 22nd. Royal Bank of Canada set a $167.00 price target on Concho Resources and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price target for the company in a research note on Monday, October 16th. Eight equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $166.58.
Shares of Concho Resources (NYSE:CXO) traded up $1.82 during trading hours on Thursday, hitting $159.26. The stock had a trading volume of 1,000,241 shares, compared to its average volume of 1,050,000. Concho Resources has a 12 month low of $106.73 and a 12 month high of $162.91. The company has a market capitalization of $23,680.00, a PE ratio of 41.91 and a beta of 1.08. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32.
In related news, Director Ray M. Poage sold 4,000 shares of the business’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 completion of the sale, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.99% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CXO. Jennison Associates LLC lifted its stake in Concho Resources by 10.0% during the fourth quarter. Jennison Associates LLC now owns 6,201,680 shares of the oil and natural gas company’s stock worth $931,616,000 after purchasing an additional 561,485 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Concho Resources by 45.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,213,337 shares of the oil and natural gas company’s stock worth $159,823,000 after purchasing an additional 377,438 shares during the last quarter. TimesSquare Capital Management LLC lifted its stake in Concho Resources by 63.9% during the third quarter. TimesSquare Capital Management LLC now owns 708,000 shares of the oil and natural gas company’s stock worth $93,258,000 after purchasing an additional 275,900 shares during the last quarter. State of Tennessee Treasury Department lifted its stake in Concho Resources by 86.4% during the third quarter. State of Tennessee Treasury Department now owns 506,488 shares of the oil and natural gas company’s stock worth $66,714,000 after purchasing an additional 234,730 shares during the last quarter. Finally, Carmignac Gestion lifted its stake in Concho Resources by 7.6% during the third quarter. Carmignac Gestion now owns 2,663,795 shares of the oil and natural gas company’s stock worth $350,875,000 after purchasing an additional 189,251 shares during the last quarter. Hedge funds and other institutional investors own 94.44% 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.