Concho Resources (NYSE:CXO) – Investment analysts at Piper Jaffray boosted their FY2018 earnings estimates for Concho Resources in a report issued on Wednesday, April 18th. Piper Jaffray analyst D. Kistler now expects that the oil and natural gas company will post earnings of $3.72 per share for the year, up from their previous forecast of $3.43. Piper Jaffray currently has a “Buy” rating and a $170.00 price target on the stock. Piper Jaffray also issued estimates for Concho Resources’ FY2019 earnings at $5.63 EPS.
Other equities analysts have also issued research reports about the stock. Sanford C. Bernstein assumed coverage on shares of Concho Resources in a research report on Thursday, February 1st. They set an “outperform” rating and a $187.00 target price for the company. Morgan Stanley upped their target price on shares of Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. SunTrust Banks lowered shares of Concho Resources from a “buy” rating to a “hold” rating and set a $180.00 target price for the company. in a research report on Tuesday, February 6th. They noted that the move was a valuation call. Mitsubishi UFJ Financial Group restated an “overweight” rating on shares of Concho Resources in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus dropped their target price on shares of Concho Resources from $212.00 to $210.00 and set a “buy” rating for the company in a research report on Monday, April 9th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and an average target price of $171.24.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The firm had revenue of $780.00 million during the quarter, compared to analyst estimates of $720.51 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. Concho Resources’s revenue for the quarter was up 48.6% on a year-over-year basis.
In other news, VP E Joseph Wright sold 83,759 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total value of $12,418,946.93. Following the sale, the vice president now owns 159,268 shares of the company’s stock, valued at $23,614,666.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Timothy A. Leach sold 40,000 shares of the 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 completion of the sale, the chairman now directly owns 737,837 shares in the company, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in CXO. Meeder Asset Management Inc. raised its stake in shares of Concho Resources by 325.2% in the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock valued at $137,000 after acquiring an additional 696 shares during the period. ING Groep NV purchased a new stake in shares of Concho Resources in the fourth quarter valued at $201,000. Park Avenue Securities LLC purchased a new stake in shares of Concho Resources in the fourth quarter valued at $208,000. Greylin Investment Mangement Inc. purchased a new stake in shares of Concho Resources in the fourth quarter valued at $225,000. Finally, Harbor Advisors LLC purchased a new stake in shares of Concho Resources in the fourth quarter valued at $225,000. 95.74% of the stock is currently owned by institutional investors and hedge funds.
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Concho Resources Company Profile
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.
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