Concho Resources Inc (NYSE:CXO) – Equities researchers at Capital One Financial decreased their FY2017 earnings estimates for Concho Resources in a report released on Tuesday. Capital One Financial analyst R. Tullis now expects that the oil and natural gas company will earn $1.93 per share for the year, down from their prior forecast of $1.97.
Several other research firms also recently issued reports on CXO. Morgan Stanley lifted their price target on Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Stifel Nicolaus set a $195.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Monday, January 29th. BMO Capital Markets reiterated a “buy” rating and set a $200.00 price objective on shares of Concho Resources in a research report on Sunday, January 14th. Zacks Investment Research cut Concho Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, KLR Group cut Concho Resources from a “buy” rating to a “hold” rating and set a $154.00 price objective for the company. in a research report on Thursday, December 21st. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $168.55.
Concho Resources (NYSE:CXO) last released 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 business had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The business’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 EPS.
A number of institutional investors and hedge funds have recently bought and sold shares of CXO. Jennison Associates LLC grew its holdings in Concho Resources by 10.0% in the 4th 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 during the period. Dimensional Fund Advisors LP grew its holdings in shares of Concho Resources by 45.2% during the 3rd 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 period. TimesSquare Capital Management LLC grew its holdings in shares of Concho Resources by 63.9% during the 3rd 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 period. State of Tennessee Treasury Department grew its holdings in shares of Concho Resources by 86.4% during the 3rd 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 period. Finally, Carmignac Gestion grew its holdings in shares of Concho Resources by 7.6% during the 3rd 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 period. Institutional investors own 94.86% of the company’s stock.
In other Concho Resources news, VP E Joseph Wright sold 83,759 shares of Concho Resources stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total value of $12,418,946.93. Following the completion of the sale, the vice president now owns 159,268 shares in the company, valued at approximately $23,614,666.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Timothy A. Leach sold 40,000 shares of Concho Resources stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total value of $5,925,600.00. Following the completion of the sale, the chairman now owns 737,837 shares of the company’s stock, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. Insiders sold a total of 127,759 shares of company stock valued at $18,948,027 in the last 90 days. 0.99% of the stock is owned by company insiders.
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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.
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