Concho Resources Inc to Post Q3 2018 Earnings of $1.12 Per Share, Capital One Financial Forecasts (CXO)

Concho Resources Inc (NYSE:CXO) – Capital One Financial cut their Q3 2018 earnings per share (EPS) estimates for Concho Resources in a report issued on Tuesday, October 23rd. Capital One Financial analyst R. Tullis now expects that the oil and natural gas company will post earnings per share of $1.12 for the quarter, down from their prior estimate of $1.57. Capital One Financial also issued estimates for Concho Resources’ Q4 2018 earnings at $1.21 EPS and FY2018 earnings at $4.57 EPS.

Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $945.00 million during the quarter, compared to analyst estimates of $906.82 million. During the same quarter in the previous year, the firm earned $0.52 EPS. Concho Resources’s revenue was up 66.7% on a year-over-year basis.



A number of other brokerages have also weighed in on CXO. Jefferies Financial Group set a $203.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Friday, October 5th. TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Sunday, September 30th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 target price for the company in a research report on Tuesday, October 16th. Finally, Morgan Stanley boosted their target price on Concho Resources from $155.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, September 26th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $179.67.

Shares of NYSE:CXO opened at $135.18 on Thursday. Concho Resources has a fifty-two week low of $123.63 and a fifty-two week high of $163.11. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $29.41 billion, a price-to-earnings ratio of 64.68 and a beta of 0.95.

In related news, Director Steven L. Beal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total transaction of $343,100.00. Following the completion of the transaction, the director now directly owns 75,548 shares in the company, valued at approximately $10,368,207.52. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark B. Puckett acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were bought at an average price of $134.39 per share, with a total value of $268,780.00. Following the completion of the purchase, the director now owns 28,535 shares in the company, valued at approximately $3,834,818.65. The disclosure for this purchase can be found here. Insiders have sold a total of 17,500 shares of company stock valued at $2,376,320 in the last ninety days. Insiders own 1.10% of the company’s stock.

Several large investors have recently made changes to their positions in CXO. Millennium Management LLC bought a new position in shares of Concho Resources during the 2nd quarter valued at approximately $166,582,000. FMR LLC boosted its stake in Concho Resources by 16.2% in the 2nd quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after purchasing an additional 668,035 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Concho Resources by 16,439.1% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock worth $54,413,000 after purchasing an additional 390,921 shares during the period. Strs Ohio boosted its stake in Concho Resources by 2,550.7% in the 2nd quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock worth $40,523,000 after purchasing an additional 281,855 shares during the period. Finally, Voya Investment Management LLC boosted its stake in Concho Resources by 28.3% in the 2nd quarter. Voya Investment Management LLC now owns 1,203,505 shares of the oil and natural gas company’s stock worth $166,505,000 after purchasing an additional 265,730 shares during the period. Institutional investors own 77.57% of the company’s stock.

Concho Resources Company Profile

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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Earnings History and Estimates for Concho Resources (NYSE:CXO)

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