Wall Street brokerages predict that Concho Resources Inc (NYSE:CXO) will announce sales of $1.19 billion for the current quarter, according to Zacks Investment Research. Eleven analysts have made estimates for Concho Resources’ earnings, with estimates ranging from $1.12 billion to $1.29 billion. Concho Resources posted sales of $945.00 million in the same quarter last year, which indicates a positive year over year growth rate of 25.9%. The business is scheduled to report its next quarterly earnings results on Wednesday, August 7th.
On average, analysts expect that Concho Resources will report full-year sales of $4.84 billion for the current financial year, with estimates ranging from $3.70 billion to $5.29 billion. For the next fiscal year, analysts expect that the company will report sales of $6.10 billion, with estimates ranging from $5.44 billion to $7.53 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Concho Resources.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period last year, the firm posted $1.00 earnings per share. Concho Resources’s quarterly revenue was up 16.6% on a year-over-year basis.
CXO has been the topic of several research analyst reports. Barclays raised Concho Resources from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $171.00 to $162.00 in a research note on Wednesday, January 16th. They noted that the move was a valuation call. Stephens raised Concho Resources from an “equal” rating to an “overweight” rating in a research note on Tuesday, January 29th. Mizuho initiated 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. Morgan Stanley set a $154.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Finally, ValuEngine cut Concho Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Concho Resources currently has a consensus rating of “Buy” and a consensus target price of $165.36.
In other Concho Resources news, Chairman Timothy A. Leach sold 54,545 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $109.34, for a total value of $5,963,950.30. Following the sale, the chairman now directly owns 680,041 shares of the company’s stock, valued at $74,355,682.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven L. Beal sold 7,500 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $99.90, for a total value of $749,250.00. Following the completion of the sale, the director now directly owns 69,096 shares in the company, valued at $6,902,690.40. The disclosure for this sale can be found here. Insiders sold 77,745 shares of company stock worth $8,532,784 over the last three months. Corporate insiders own 1.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CXO. Vanguard Group Inc boosted its holdings in Concho Resources by 34.6% in the third quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after acquiring an additional 5,380,400 shares in the last quarter. Norges Bank bought a new stake in Concho Resources in the fourth quarter worth $166,890,000. JPMorgan Chase & Co. boosted its holdings in Concho Resources by 38.5% in the third quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock worth $757,752,000 after acquiring an additional 1,377,981 shares in the last quarter. Boston Partners bought a new stake in Concho Resources in the first quarter worth $65,541,000. Finally, State of Tennessee Treasury Department boosted its holdings in Concho Resources by 836.9% in the first quarter. State of Tennessee Treasury Department now owns 486,192 shares of the oil and natural gas company’s stock worth $53,948,000 after acquiring an additional 434,299 shares in the last quarter. 95.21% of the stock is currently owned by institutional investors and hedge funds.
CXO opened at $113.28 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.60 and a current ratio of 0.62. Concho Resources has a 52-week low of $93.31 and a 52-week high of $160.81. The company has a market cap of $22.32 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 0.87 and a beta of 1.11.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 10th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.44%. The ex-dividend date is Thursday, May 9th. Concho Resources’s dividend payout ratio (DPR) is 10.89%.
About Concho Resources
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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