SunTrust Banks Analysts Give Concho Resources (CXO) a $165.00 Price Target

SunTrust Banks set a $165.00 target price on Concho Resources (NYSE:CXO) in a research note issued to investors on Monday. The brokerage currently has a hold rating on the oil and natural gas company’s stock. SunTrust Banks also issued estimates for Concho Resources’ Q1 2018 earnings at $0.76 EPS, Q2 2018 earnings at $0.89 EPS, Q3 2018 earnings at $0.93 EPS, Q4 2018 earnings at $1.01 EPS, FY2018 earnings at $3.59 EPS, FY2019 earnings at $5.28 EPS and FY2020 earnings at $7.27 EPS.

CXO has been the topic of several other research reports. Jefferies Group set a $173.00 target price on Concho Resources and gave the stock a buy rating in a report on Wednesday, December 20th. Deutsche Bank assumed coverage on Concho Resources in a report on Thursday, February 1st. They set a hold rating and a $171.00 target price on the stock. Zacks Investment Research cut Concho Resources from a buy rating to a hold rating in a report on Monday, December 18th. KLR Group cut Concho Resources to a hold rating and set a $154.00 target price on the stock. in a report on Wednesday, December 27th. Finally, Piper Jaffray reaffirmed a buy rating and issued a $170.00 price target on shares of Concho Resources in a report on Tuesday, January 9th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $171.24.

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Shares of NYSE:CXO opened at $157.45 on Monday. Concho Resources has a 12 month low of $106.73 and a 12 month high of $162.91. The company has a market cap of $23,378.32, a P/E ratio of 73.98 and a beta of 0.97. The company has a current ratio of 0.51, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30.

Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.20. Concho Resources had a return on equity of 3.61% and a net margin of 36.97%. The firm had revenue of $780.00 million for the quarter, compared to analysts’ expectations of $720.51 million. During the same quarter in the previous year, the company earned $0.20 earnings per share. The firm’s quarterly revenue was up 48.6% compared to the same quarter last year. analysts anticipate that Concho Resources will post 3.72 earnings per share for the current fiscal year.

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

A number of large investors have recently made changes to their positions in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Concho Resources by 1.9% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 22,573 shares of the oil and natural gas company’s stock valued at $3,444,000 after purchasing an additional 428 shares during the period. New Mexico Educational Retirement Board grew its holdings in shares of Concho Resources by 3.6% during the 4th quarter. New Mexico Educational Retirement Board now owns 14,300 shares of the oil and natural gas company’s stock valued at $2,148,000 after acquiring an additional 500 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Concho Resources by 25.6% during the 4th quarter. Private Advisor Group LLC now owns 2,739 shares of the oil and natural gas company’s stock valued at $426,000 after acquiring an additional 559 shares in the last quarter. LS Investment Advisors LLC grew its holdings in shares of Concho Resources by 14.5% during the 4th quarter. LS Investment Advisors LLC now owns 4,724 shares of the oil and natural gas company’s stock valued at $710,000 after acquiring an additional 597 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Concho Resources by 1.2% during the 4th quarter. Arizona State Retirement System now owns 57,789 shares of the oil and natural gas company’s stock valued at $8,681,000 after acquiring an additional 665 shares in the last quarter. 95.74% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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