Concho Resources Inc (NYSE:CXO) – Investment analysts at SunTrust Banks lowered their Q2 2019 EPS estimates for Concho Resources in a research note issued on Tuesday, June 11th. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings per share of $0.95 for the quarter, down from their prior forecast of $1.01. SunTrust Banks has a “Buy” rating and a $135.00 price target on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q3 2019 earnings at $1.14 EPS, Q4 2019 earnings at $1.36 EPS, FY2019 earnings at $4.16 EPS, FY2020 earnings at $6.46 EPS and FY2021 earnings at $6.60 EPS.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share 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 firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm earned $1.00 EPS. Concho Resources’s revenue for the quarter was up 16.6% compared to the same quarter last year.
Several other brokerages also recently weighed in on CXO. KeyCorp lifted their price target on shares of Concho Resources from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. Williams Capital reiterated a “buy” rating and set a $182.00 price objective on shares of Concho Resources in a research report on Sunday, April 21st. Morgan Stanley reduced their price objective on shares of Concho Resources from $141.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, May 16th. Barclays set a $153.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Thursday, April 11th. Finally, MKM Partners reduced their price objective on shares of Concho Resources from $161.00 to $150.00 and set a “buy” rating on the stock in a research report on Thursday, February 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Concho Resources presently has an average rating of “Buy” and an average target price of $164.32.
Shares of NYSE:CXO opened at $98.16 on Thursday. 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 1-year low of $93.31 and a 1-year high of $160.81. The company has a market cap of $20.23 billion, a price-to-earnings ratio of 23.34, a PEG ratio of 0.80 and a beta of 1.19.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.51%. The ex-dividend date is Thursday, May 9th. Concho Resources’s dividend payout ratio is presently 10.89%.
In related news, Director Steven D. Gray sold 7,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $120.00, for a total value of $840,000.00. Following the sale, the director now owns 179,039 shares in the company, valued at $21,484,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $5,963,950.30. Following the completion of the sale, the chairman now owns 680,041 shares in the company, valued at approximately $74,355,682.94. The disclosure for this sale can be found here. Insiders sold 66,045 shares of company stock worth $7,321,450 in the last 90 days. 1.10% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc boosted its stake in Concho Resources by 34.6% during 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 buying an additional 5,380,400 shares during the period. Redpoint Investment Management Pty Ltd boosted its stake in Concho Resources by 9.9% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 13,459 shares of the oil and natural gas company’s stock worth $1,383,000 after buying an additional 1,210 shares during the period. Stevens Capital Management LP purchased a new position in Concho Resources during the fourth quarter worth $1,084,000. Cigna Investments Inc. New boosted its stake in Concho Resources by 1.5% during the fourth quarter. Cigna Investments Inc. New now owns 5,869 shares of the oil and natural gas company’s stock worth $602,000 after buying an additional 89 shares during the period. Finally, Hellman Jordan Management Co. Inc. MA purchased a new position in Concho Resources during the fourth quarter worth $717,000. Institutional investors own 94.60% of the company’s stock.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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