Concho Resources (NYSE:CXO) received a $185.00 price target from research analysts at Royal Bank of Canada in a research report issued on Friday. The brokerage presently has a “buy” rating on the oil and natural gas company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 26.44% from the company’s previous close.
Several other research analysts have also commented on the company. Stifel Nicolaus lowered their price target on Concho Resources from $212.00 to $210.00 and set a “buy” rating for the company in a research report on Monday. Zacks Investment Research lowered Concho Resources from a “strong-buy” rating to a “hold” rating in a report on Monday. Jefferies Group set a $176.00 target price on Concho Resources and gave the company a “buy” rating in a report on Thursday, March 29th. Stephens reiterated a “buy” rating and issued a $205.00 target price on shares of Concho Resources in a report on Thursday, March 15th. Finally, UBS initiated coverage on Concho Resources in a report on Wednesday, March 7th. They issued a “buy” rating and a $180.00 target price for the company. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and a consensus price target of $171.95.
CXO opened at $146.32 on Friday. Concho Resources has a 52 week low of $106.73 and a 52 week high of $162.91. The firm has a market cap of $21,878.70, a PE ratio of 70.01 and a beta of 0.97. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30.
In other Concho Resources news, Chairman Timothy A. Leach sold 40,000 shares of Concho Resources stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the sale, the chairman now directly owns 737,837 shares of the company’s stock, valued at approximately $109,303,173.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP E Joseph Wright sold 83,759 shares of Concho Resources stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total value of $12,418,946.93. Following the sale, the vice president now directly owns 159,268 shares of the company’s stock, valued at $23,614,666.36. The disclosure for this sale can be found here. 0.99% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CXO. Janney Montgomery Scott LLC lifted its holdings in Concho Resources by 21.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 4,491 shares of the oil and natural gas company’s stock worth $592,000 after buying an additional 793 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Concho Resources by 2.3% during the third quarter. California Public Employees Retirement System now owns 297,930 shares of the oil and natural gas company’s stock worth $39,243,000 after purchasing an additional 6,830 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Concho Resources by 2.1% during the third quarter. Sterling Capital Management LLC now owns 43,119 shares of the oil and natural gas company’s stock worth $5,680,000 after purchasing an additional 900 shares in the last quarter. IFM Investors Pty Ltd acquired a new stake in shares of Concho Resources during the third quarter worth about $584,000. Finally, Davis Selected Advisers increased its position in shares of Concho Resources by 150.1% during the third quarter. Davis Selected Advisers now owns 136,047 shares of the oil and natural gas company’s stock worth $17,923,000 after purchasing an additional 81,649 shares in the last quarter. 95.70% of the stock is owned by institutional investors.
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.
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