Zacks: Analysts Expect Concho Resources Inc (NYSE:CXO) Will Announce Earnings of $0.73 Per Share

Brokerages expect Concho Resources Inc (NYSE:CXO) to post earnings of $0.73 per share for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Concho Resources’ earnings, with the lowest EPS estimate coming in at $0.52 and the highest estimate coming in at $0.84. Concho Resources posted earnings per share of $0.94 during the same quarter last year, which suggests a negative year-over-year growth rate of 22.3%. The business is scheduled to report its next quarterly earnings report on Tuesday, February 18th.

According to Zacks, analysts expect that Concho Resources will report full year earnings of $2.79 per share for the current year, with EPS estimates ranging from $2.54 to $3.02. For the next year, analysts forecast that the company will report earnings of $4.00 per share, with EPS estimates ranging from $3.26 to $5.08. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Concho Resources.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.05). Concho Resources had a return on equity of 3.24% and a net margin of 28.98%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the company posted $1.42 EPS. Concho Resources’s quarterly revenue was down 6.5% compared to the same quarter last year.

A number of equities research analysts recently weighed in on the company. Credit Suisse Group dropped their price objective on Concho Resources from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 1st. Barclays lowered their price target on Concho Resources from $165.00 to $141.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. SunTrust Banks downgraded Concho Resources from a “buy” rating to a “hold” rating and lowered their price target for the stock from $100.00 to $70.00 in a report on Wednesday, October 16th. Scotiabank assumed coverage on Concho Resources in a report on Wednesday. They issued a “sector outperform” rating and a $92.00 price target for the company. Finally, Citigroup lowered their price target on Concho Resources from $81.00 to $74.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $122.96.

CXO stock traded up $1.54 during trading on Tuesday, reaching $73.16. 1,087,200 shares of the company traded hands, compared to its average volume of 1,930,564. Concho Resources has a 12 month low of $61.37 and a 12 month high of $139.99. The business has a 50 day simple moving average of $67.08 and a 200 day simple moving average of $85.74. The company has a market capitalization of $14.40 billion, a price-to-earnings ratio of 15.94 and a beta of 1.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.48 and a current ratio of 1.51.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 8th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Thursday, November 7th. Concho Resources’s payout ratio is 10.89%.

Several large investors have recently made changes to their positions in CXO. Retirement Systems of Alabama increased its position in shares of Concho Resources by 12.4% in the second quarter. Retirement Systems of Alabama now owns 281,147 shares of the oil and natural gas company’s stock valued at $29,009,000 after buying an additional 30,941 shares in the last quarter. Sanders Morris Harris LLC increased its position 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 valued at $709,000 after buying an additional 215 shares in the last quarter. Hexavest Inc. increased its position in shares of Concho Resources by 157.3% in the second quarter. Hexavest Inc. now owns 373,955 shares of the oil and natural gas company’s stock valued at $38,585,000 after buying an additional 228,639 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Concho Resources by 86.1% in the second quarter. Valeo Financial Advisors LLC now owns 845 shares of the oil and natural gas company’s stock valued at $87,000 after buying an additional 391 shares in the last quarter. Finally, Grassi Investment Management increased its position in shares of Concho Resources by 186.3% in the second quarter. Grassi Investment Management now owns 5,225 shares of the oil and natural gas company’s stock valued at $539,000 after buying an additional 3,400 shares in the last quarter. Hedge funds and other institutional investors own 94.86% of the company’s stock.

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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