Concho Resources (CXO) Given a $188.00 Price Target at JPMorgan Chase & Co.

JPMorgan Chase & Co. set a $188.00 price objective on Concho Resources (NYSE:CXO) in a research report sent to investors on Monday morning, The Fly reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

CXO has been the topic of several other research reports. Zacks Investment Research downgraded Concho Resources from a strong-buy rating to a hold rating in a research note on Tuesday, July 3rd. TD Securities initiated coverage on Concho Resources in a research note on Thursday, July 5th. They issued a hold rating and a $150.00 price objective on the stock. SunTrust Banks dropped their target price on Concho Resources to $155.00 and set a hold rating for the company in a report on Thursday, July 5th. Susquehanna Bancshares started coverage on Concho Resources in a report on Wednesday, July 11th. They set a positive rating and a $175.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed a buy rating and set a $200.00 target price on shares of Concho Resources in a research report on Friday, July 13th. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $180.00.

Shares of NYSE CXO traded up $2.67 during trading on Monday, hitting $133.60. The company had a trading volume of 44,762 shares, compared to its average volume of 1,612,810. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. Concho Resources has a 12 month low of $123.63 and a 12 month high of $163.11. The company has a market capitalization of $27.07 billion, a P/E ratio of 63.20 and a beta of 0.94.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm had revenue of $945.00 million for the quarter, compared to the consensus estimate of $906.82 million. During the same quarter last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was up 66.7% compared to the same quarter last year. Research analysts anticipate that Concho Resources will post 4.53 EPS for the current year.

In other Concho Resources news, Director Steven L. Beal sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the sale, the director now directly owns 75,548 shares in the company, valued at $10,368,207.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now owns 16,193 shares in the company, valued at $2,264,752.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,500 shares of company stock valued at $2,376,320. 1.10% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Concho Resources during the second quarter worth about $166,000. Cerebellum GP LLC acquired a new position in Concho Resources in the 3rd quarter valued at about $188,000. IFP Advisors Inc increased its position in Concho Resources by 85.6% in the 3rd quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock valued at $221,000 after acquiring an additional 666 shares during the period. Summit X LLC acquired a new position in Concho Resources in the 2nd quarter valued at about $203,000. Finally, KC Investment Advisors LLC acquired a new position in Concho Resources in the 2nd quarter valued at about $204,000. Institutional investors and hedge funds own 77.59% of the company’s stock.

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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

Recommended Story: Average Daily Trade Volume – ADTV

The Fly

Analyst Recommendations for Concho Resources (NYSE:CXO)

Receive News & Ratings for Concho Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Concho Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply