Concho Resources (NYSE:CXO) was downgraded by equities researchers at SunTrust Banks from a “buy” rating to a “hold” rating in a report issued on Tuesday, Marketbeat.com reports. They presently have a $180.00 target price on the oil and natural gas company’s stock. SunTrust Banks’ price target points to a potential upside of 20.76% from the company’s current price. The analysts noted that the move was a valuation call.
Several other analysts also recently issued reports on CXO. Jefferies Group raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research note on Monday, October 9th. Barclays raised their price objective on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 price objective for the company in a research note on Monday, October 16th. Morgan Stanley raised their price objective on shares of Concho Resources from $152.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Finally, KeyCorp set a $150.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 19th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $168.55.
Shares of Concho Resources (NYSE CXO) traded down $2.39 during trading hours on Tuesday, hitting $149.05. 3,020,000 shares of the company were exchanged, compared to its average volume of 1,100,000. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32. Concho Resources has a 1 year low of $106.73 and a 1 year high of $162.91. The company has a market cap of $22,160.00, a P/E ratio of 39.22 and a beta of 1.00.
In other news, Director Ray M. Poage sold 4,000 shares of Concho Resources stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the sale, the director now owns 24,799 shares of the company’s stock, valued at $3,741,425.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.99% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Jennison Associates LLC raised its stake in shares of 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 valued at $931,616,000 after acquiring an additional 561,485 shares in the last quarter. Carmignac Gestion increased its holdings 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 valued at $350,875,000 after buying an additional 189,251 shares during the period. American Century Companies Inc. increased its holdings in Concho Resources by 8.8% during the third quarter. American Century Companies Inc. now owns 1,456,282 shares of the oil and natural gas company’s stock valued at $191,821,000 after buying an additional 117,366 shares during the period. Van ECK Associates Corp increased its holdings in Concho Resources by 1.8% during the third quarter. Van ECK Associates Corp now owns 1,273,940 shares of the oil and natural gas company’s stock valued at $167,803,000 after buying an additional 22,828 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings 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 valued at $159,823,000 after buying an additional 377,438 shares during the period. 94.86% of the stock is owned by hedge funds and other institutional investors.
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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.
