Concho Resources (NYSE:CXO) Upgraded to “Equal Weight” by Morgan Stanley

Morgan Stanley upgraded shares of Concho Resources (NYSE:CXO) from an underweight rating to an equal weight rating in a research report released on Monday, BenzingaRatingsTable reports. They currently have $88.00 price target on the oil and natural gas company’s stock, up from their previous price target of $68.00.

Other equities research analysts have also issued research reports about the company. Williams Capital reaffirmed a buy rating and issued a $100.00 price objective on shares of Concho Resources in a report on Wednesday, October 30th. ValuEngine raised Concho Resources from a sell rating to a hold rating in a report on Wednesday, October 2nd. SunTrust Banks downgraded shares of Concho Resources from a buy rating to a hold rating and reduced their price target for the company from $100.00 to $70.00 in a research report on Wednesday, October 16th. KeyCorp reduced their price target on shares of Concho Resources from $106.00 to $95.00 and set an overweight rating for the company in a research report on Tuesday, October 15th. Finally, Wells Fargo & Co lifted their price target on shares of Concho Resources from $98.00 to $101.00 and gave the company an overweight rating in a research report on Thursday, January 9th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Concho Resources presently has an average rating of Buy and an average target price of $111.45.

Shares of CXO opened at $88.80 on Monday. Concho Resources has a twelve month low of $61.37 and a twelve month high of $126.54. The stock’s 50 day moving average is $81.95 and its two-hundred day moving average is $78.38. The firm has a market capitalization of $17.91 billion, a PE ratio of 19.35 and a beta of 1.35. The company has a current ratio of 1.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.23.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.05). Concho Resources had a net margin of 28.98% and a return on equity of 3.24%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the firm posted $1.42 EPS. Concho Resources’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, sell-side analysts predict that Concho Resources will post 2.78 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 8th were given a dividend of $0.125 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.50 annualized dividend and a dividend yield of 0.56%. Concho Resources’s dividend payout ratio is currently 10.89%.

Institutional investors have recently modified their holdings of the stock. Signaturefd LLC raised its position in shares of Concho Resources by 73.5% during the 3rd quarter. Signaturefd LLC now owns 406 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 172 shares during the last quarter. Covington Capital Management raised its holdings in Concho Resources by 81.2% in the 2nd quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after acquiring an additional 224 shares during the last quarter. Usca Ria LLC acquired a new position in Concho Resources in the 3rd quarter valued at $44,000. AdvisorNet Financial Inc raised its holdings in Concho Resources by 28.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 772 shares of the oil and natural gas company’s stock valued at $52,000 after acquiring an additional 172 shares during the last quarter. Finally, Quest Capital Management Inc. ADV purchased a new stake in shares of Concho Resources during the 3rd quarter valued at $81,000. Hedge funds and other institutional investors own 92.68% 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.

Further Reading: What does an equal weight rating mean?

Analyst Recommendations for Concho Resources (NYSE:CXO)

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