Zacks Investment Research upgraded shares of Concho Resources Inc. (NYSE:CXO) from a hold rating to a buy rating in a research report sent to investors on Monday morning. The firm currently has $149.00 target price on the oil and natural gas company’s stock.
According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +8% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
A number of other brokerages also recently issued reports on CXO. Stifel Nicolaus set a $185.00 price objective on shares of Concho Resources and gave the company a buy rating in a research report on Thursday, October 5th. Barclays PLC upped their target price on shares of Concho Resources from $124.00 to $144.00 and gave the stock an overweight rating in a report on Wednesday, October 11th. Jefferies Group LLC raised shares of Concho Resources from a hold rating to a buy rating and set a $159.00 target price for the company in a report on Monday, October 9th. Royal Bank Of Canada reaffirmed a buy rating and issued a $158.00 target price on shares of Concho Resources in a report on Friday, September 29th. Finally, Cowen and Company set a $145.00 target price on shares of Concho Resources and gave the stock a hold rating in a report on Tuesday, July 18th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $150.94.
Shares of Concho Resources (CXO) opened at 133.27 on Monday. Concho Resources has a 52-week low of $106.73 and a 52-week high of $147.55. The stock has a market cap of $19.66 billion, a P/E ratio of 30.93 and a beta of 1.13. The firm’s 50 day moving average price is $124.40 and its 200 day moving average price is $124.27.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567.00 million during the quarter, compared to the consensus estimate of $626.09 million. During the same quarter in the previous year, the firm posted $0.26 EPS. The company’s revenue for the quarter was up 43.2% compared to the same quarter last year. On average, analysts expect that Concho Resources will post $1.61 EPS for the current year.
In other news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the sale, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.99% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. C M Bidwell & Associates Ltd. raised its position in shares of Concho Resources by 1.4% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after buying an additional 20 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Concho Resources by 1.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock valued at $426,000 after buying an additional 35 shares in the last quarter. Cadence Capital Management LLC raised its position in shares of Concho Resources by 0.9% during the 2nd quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock valued at $639,000 after buying an additional 48 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Concho Resources by 2.5% during the 2nd quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock valued at $304,000 after buying an additional 60 shares in the last quarter. Finally, Symphony Asset Management LLC raised its position in shares of Concho Resources by 2.5% during the 2nd quarter. Symphony Asset Management LLC now owns 2,804 shares of the oil and natural gas company’s stock valued at $341,000 after buying an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 92.35% of the company’s stock.
About Concho Resources
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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