KeyCorp Weighs in on Concho Resources Inc’s FY2019 Earnings (NYSE:CXO)

Concho Resources Inc (NYSE:CXO) – Investment analysts at KeyCorp lowered their FY2019 earnings estimates for Concho Resources in a research note issued on Monday, October 14th. KeyCorp analyst L. Mariani now anticipates that the oil and natural gas company will post earnings per share of $2.81 for the year, down from their prior estimate of $2.88. KeyCorp has a “Overweight” rating and a $95.00 price target on the stock. KeyCorp also issued estimates for Concho Resources’ Q4 2019 earnings at $0.74 EPS, Q1 2020 earnings at $0.94 EPS, Q2 2020 earnings at $0.83 EPS, Q3 2020 earnings at $0.88 EPS and Q4 2020 earnings at $1.02 EPS.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted $1.24 EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis.

Several other analysts have also weighed in on the company. Williams Capital restated a “buy” rating and set a $114.00 price target on shares of Concho Resources in a report on Tuesday, September 3rd. Susquehanna Bancshares decreased their price target on Concho Resources from $150.00 to $143.00 and set a “positive” rating on the stock in a report on Wednesday, June 19th. ValuEngine upgraded Concho Resources from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus set a $188.00 price target on Concho Resources and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Mitsubishi UFJ Financial Group decreased their price target on Concho Resources from $121.00 to $116.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $138.81.

NYSE:CXO opened at $66.32 on Wednesday. The stock’s fifty day moving average is $69.70 and its 200 day moving average is $92.57. Concho Resources has a fifty-two week low of $61.37 and a fifty-two week high of $153.38. The firm has a market capitalization of $13.22 billion, a PE ratio of 14.45 and a beta of 1.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.59 and a current ratio of 0.61.

A number of institutional investors and hedge funds have recently modified their holdings of CXO. Confluence Investment Management LLC boosted its stake in shares of Concho Resources by 5.1% in the second quarter. Confluence Investment Management LLC now owns 2,293 shares of the oil and natural gas company’s stock worth $237,000 after acquiring an additional 111 shares during the last quarter. Securian Asset Management Inc boosted its stake in shares of Concho Resources by 0.7% in the second quarter. Securian Asset Management Inc now owns 20,855 shares of the oil and natural gas company’s stock worth $2,152,000 after acquiring an additional 144 shares during the last quarter. Veritable L.P. boosted its stake in shares of Concho Resources by 6.3% in the second quarter. Veritable L.P. now owns 2,489 shares of the oil and natural gas company’s stock worth $257,000 after acquiring an additional 147 shares during the last quarter. Wedbush Securities Inc. boosted its stake in shares of Concho Resources by 7.8% in the second quarter. Wedbush Securities Inc. now owns 2,047 shares of the oil and natural gas company’s stock worth $211,000 after acquiring an additional 148 shares during the last quarter. Finally, Sanders Morris Harris LLC boosted its stake in shares of Concho Resources by 3.2% in the second quarter. Sanders Morris Harris LLC now owns 6,871 shares of the oil and natural gas company’s stock worth $709,000 after acquiring an additional 215 shares during the last quarter. 95.31% of the stock is currently owned by institutional investors.

In related news, President Jack F. Harper bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $65.40 per share, with a total value of $654,000.00. Following the completion of the acquisition, the president now directly owns 170,605 shares in the company, valued at $11,157,567. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan J. Helms bought 700 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost of $70.12 per share, for a total transaction of $49,084.00. Following the completion of the acquisition, the director now owns 5,137 shares of the company’s stock, valued at $360,206.44. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 16,200 shares of company stock worth $1,084,349. 1.10% of the stock is owned by corporate insiders.

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, August 9th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date was Thursday, August 8th. Concho Resources’s payout ratio is 10.89%.

Concho Resources Company Profile

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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

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