Concho Resources Inc (NYSE:CXO) – Equities research analysts at Seaport Global Securities decreased their Q3 2019 earnings per share estimates for Concho Resources in a research report issued to clients and investors on Tuesday, October 30th. Seaport Global Securities analyst M. Kelly now expects that the oil and natural gas company will post earnings of $1.51 per share for the quarter, down from their prior estimate of $1.57. Seaport Global Securities currently has a “Hold” rating and a $145.00 price target on the stock. Seaport Global Securities also issued estimates for Concho Resources’ Q4 2019 earnings at $1.71 EPS.
Other equities analysts have also recently issued reports about the company. TheStreet upgraded Concho Resources from a “c+” rating to a “b” rating in a research note on Friday, September 28th. KLR Group upgraded Concho Resources from a “hold” rating to a “buy” rating and raised their price objective for the company from $166.00 to $178.00 in a research note on Tuesday, July 24th. Williams Capital restated a “buy” rating and set a $189.00 price objective on shares of Concho Resources in a research note on Monday, July 23rd. Piper Jaffray Companies restated a “buy” rating and set a $220.00 price objective on shares of Concho Resources in a research note on Friday, July 20th. Finally, Goldman Sachs Group upgraded Concho Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 18th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $179.04.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.27. Concho Resources had a return on equity of 7.37% and a net margin of 26.92%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the business earned $0.45 EPS. The business’s revenue was up 90.1% on a year-over-year basis.
In other news, Director Mark B. Puckett acquired 2,000 shares of the firm’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 acquisition, the director now owns 28,535 shares in the company, valued at approximately $3,834,818.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the sale, the director now directly owns 75,548 shares of the company’s stock, valued at approximately $10,368,207.52. The disclosure for this sale can be found here. In the last three months, insiders sold 17,500 shares of company stock valued at $2,376,320. 1.10% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. purchased a new stake in Concho Resources in the 2nd quarter worth about $166,000. Cerebellum GP LLC purchased a new stake in Concho Resources in the 3rd quarter worth about $188,000. Summit X LLC purchased a new stake in Concho Resources in the 2nd quarter worth about $203,000. KC Investment Advisors LLC purchased a new stake in Concho Resources in the 2nd quarter worth about $204,000. Finally, IFP Advisors Inc increased its holdings 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 worth $221,000 after acquiring an additional 666 shares during the last quarter. 77.59% 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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