Concho Resources (NYSE:CXO) had its price target reduced by equities research analysts at Morgan Stanley from $141.00 to $140.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target would indicate a potential upside of 22.76% from the stock’s previous close.
Several other brokerages also recently commented on CXO. Barclays increased their target price on Concho Resources from $161.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday. MKM Partners dropped their price target on Concho Resources from $161.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, February 21st. KeyCorp raised their price target on Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Credit Suisse Group set a $132.00 price target on Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, February 20th. Finally, Mizuho assumed coverage on Concho Resources in a research note on Tuesday, January 29th. They issued a “buy” rating and a $156.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $165.32.
CXO traded up $0.76 during trading on Thursday, hitting $114.04. 5,576 shares of the company’s stock traded hands, compared to its average volume of 2,074,114. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.25. Concho Resources has a 12-month low of $93.31 and a 12-month high of $160.81. The company has a market cap of $22.32 billion, a price-to-earnings ratio of 24.92, a P/E/G ratio of 0.87 and a beta of 1.11.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted $1.00 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, research analysts forecast that Concho Resources will post 4.23 EPS for the current year.
In related news, Director Steven D. Gray sold 7,000 shares of Concho Resources stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $120.00, for a total transaction of $840,000.00. Following the transaction, the director now directly owns 179,039 shares in the company, valued at $21,484,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Timothy A. Leach sold 54,545 shares of Concho Resources stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the transaction, the chairman now owns 680,041 shares in the company, valued at $74,355,682.94. The disclosure for this sale can be found here. Insiders have sold 77,745 shares of company stock worth $8,532,784 over the last quarter. 1.10% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Concho Resources by 38.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after acquiring an additional 1,377,981 shares during the period. Legal & General Group Plc raised its stake in Concho Resources by 31.9% in the 3rd quarter. Legal & General Group Plc now owns 861,973 shares of the oil and natural gas company’s stock valued at $131,666,000 after acquiring an additional 208,278 shares during the period. Vanguard Group Inc raised its stake in Concho Resources by 34.6% in the 3rd quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after acquiring an additional 5,380,400 shares during the period. DNB Asset Management AS raised its stake in Concho Resources by 1.4% in the 4th quarter. DNB Asset Management AS now owns 25,350 shares of the oil and natural gas company’s stock valued at $2,606,000 after acquiring an additional 348 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in Concho Resources in the 4th quarter valued at $253,000. Institutional investors own 95.21% of the company’s stock.
Concho Resources Company Profile
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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