SunTrust Banks Weighs in on Concho Resources’ Q1 2018 Earnings (CXO)

Concho Resources (NYSE:CXO) – SunTrust Banks boosted their Q1 2018 EPS estimates for shares of Concho Resources in a note issued to investors on Monday, April 16th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will post earnings of $0.76 per share for the quarter, up from their prior forecast of $0.67. SunTrust Banks has a “Hold” rating and a $165.00 price target on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q2 2018 earnings at $0.89 EPS, Q3 2018 earnings at $0.93 EPS, Q4 2018 earnings at $1.01 EPS and FY2018 earnings at $3.59 EPS.

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Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.20. The firm had revenue of $780.00 million during the quarter, compared to the consensus estimate of $720.51 million. Concho Resources had a return on equity of 3.61% and a net margin of 36.97%. The company’s quarterly revenue was up 48.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS.

A number of other research firms also recently commented on CXO. Credit Suisse Group set a $159.00 target price on Concho Resources and gave the company a “hold” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 target price on Concho Resources and gave the company a “buy” rating in a research report on Monday, January 29th. Jefferies Group set a $185.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Morgan Stanley raised their price target on Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Finally, Deutsche Bank began coverage on Concho Resources in a research report on Thursday, February 1st. They issued a “hold” rating and a $171.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Concho Resources currently has a consensus rating of “Buy” and a consensus price target of $171.24.

NYSE CXO opened at $156.83 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30. The company has a market cap of $22,862.54, a PE ratio of 75.04 and a beta of 0.97. Concho Resources has a one year low of $106.73 and a one year high of $162.91.

In other news, VP E Joseph Wright sold 83,759 shares of Concho Resources stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the completion of the sale, the vice president now directly owns 159,268 shares in the company, valued at $23,614,666.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Timothy A. Leach sold 40,000 shares of Concho Resources stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total value of $5,925,600.00. Following the sale, the chairman now owns 737,837 shares of the company’s stock, valued at $109,303,173.18. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in shares of Concho Resources by 325.2% during the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after purchasing an additional 696 shares during the last quarter. ING Groep NV bought a new stake in shares of Concho Resources during the fourth quarter worth $201,000. Park Avenue Securities LLC bought a new stake in shares of Concho Resources during the fourth quarter worth $208,000. Greylin Investment Mangement Inc. bought a new stake in shares of Concho Resources during the fourth quarter worth $225,000. Finally, Harbor Advisors LLC bought a new stake in shares of Concho Resources during the fourth quarter worth $225,000. Institutional investors and hedge funds own 95.74% of the company’s stock.

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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.

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

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