Concho Resources Inc (CXO) Given Average Rating of “Buy” by Analysts

Concho Resources Inc (NYSE:CXO) has been assigned a consensus recommendation of “Buy” from the twenty-eight analysts that are currently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $179.67.

A number of research analysts have recently commented on CXO shares. Zacks Investment Research lowered shares of Concho Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. TD Securities started coverage on shares of Concho Resources in a research report on Thursday, July 5th. They set a “hold” rating and a $150.00 price target for the company. SunTrust Banks reduced their price target on shares of Concho Resources to $155.00 and set a “hold” rating for the company in a research report on Thursday, July 5th. Susquehanna Bancshares started coverage on shares of Concho Resources in a research report on Wednesday, July 11th. They set a “positive” rating and a $175.00 price target for the company. Finally, Royal Bank of Canada restated a “buy” rating and set a $200.00 price target on shares of Concho Resources in a research report on Friday, July 13th.

CXO opened at $135.18 on Monday. The firm has a market cap of $27.07 billion, a PE ratio of 64.68 and a beta of 0.95. 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 one year low of $123.63 and a one year high of $163.11.



Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.32. The firm had revenue of $945.00 million during the quarter, compared to analyst estimates of $906.82 million. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The business’s revenue for the quarter was up 66.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. Sell-side analysts forecast that Concho Resources will post 4.53 EPS for the current fiscal year.

In related news, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the transaction, the senior vice president now directly owns 51,058 shares in the company, valued at $6,840,750.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark B. Puckett bought 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was bought at an average price of $134.39 per share, with a total value of $268,780.00. Following the completion of the transaction, the director now directly owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The disclosure for this purchase can be found here. Insiders sold 17,500 shares of company stock valued at $2,376,320 over the last quarter. 1.10% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new stake in Concho Resources in the second quarter worth $166,000. Cerebellum GP LLC bought a new stake in Concho Resources in the third quarter worth $188,000. Summit X LLC bought a new stake in Concho Resources in the second quarter worth $203,000. KC Investment Advisors LLC bought a new stake in Concho Resources in the second quarter worth $204,000. Finally, IFP Advisors Inc lifted its stake in Concho Resources by 85.6% in the third quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock worth $221,000 after purchasing an additional 666 shares during the last quarter. Institutional investors own 77.57% 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.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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