Concho Resources Inc. (NYSE:CXO) – Equities researchers at KeyCorp reduced their FY2017 earnings per share estimates for Concho Resources in a note issued to investors on Tuesday. KeyCorp analyst D. Deckelbaum now anticipates that the oil and natural gas company will earn $1.77 per share for the year, down from their previous forecast of $1.79. KeyCorp currently has a “Buy” rating and a $150.00 target price on the stock. KeyCorp also issued estimates for Concho Resources’ Q4 2017 earnings at $0.31 EPS, Q1 2018 earnings at $0.53 EPS, Q1 2019 earnings at $0.88 EPS, Q2 2019 earnings at $0.97 EPS, Q3 2019 earnings at $1.10 EPS and FY2019 earnings at $4.11 EPS.
Several other brokerages also recently issued reports on CXO. Barclays raised their price target on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. Zacks Investment Research downgraded Concho Resources from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Piper Jaffray Companies cut their price target on Concho Resources from $167.00 to $142.00 and set an “overweight” rating on the stock in a report on Monday, September 18th. ValuEngine raised Concho Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, SunTrust Banks set a $145.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Tuesday, October 31st. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $152.42.
Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.19. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The company had revenue of $627.00 million for the quarter, compared to the consensus estimate of $614.12 million. During the same quarter last year, the business posted $0.32 EPS. Concho Resources’s quarterly revenue was up 45.8% compared to the same quarter last year.
A number of institutional investors have recently made changes to their positions in CXO. Israel Discount Bank of New York raised its stake in Concho Resources by 32.0% during the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock valued at $100,000 after acquiring an additional 200 shares in the last quarter. Sun Life Financial INC raised its stake in Concho Resources by 10,850.0% during the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after acquiring an additional 1,085 shares in the last quarter. Twin Tree Management LP bought a new stake in Concho Resources during the 2nd quarter valued at $137,000. C M Bidwell & Associates Ltd. raised its stake in Concho Resources by 1.4% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after acquiring an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc bought a new stake in Concho Resources during the 3rd quarter valued at $206,000. 94.55% of the stock is currently owned by hedge funds and other institutional investors.
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About Concho Resources
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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