Concho Resources (CXO) Announces Quarterly Earnings Results

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Concho Resources (NYSE:CXO) released its quarterly earnings data on Tuesday. The oil and natural gas company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.27, MarketWatch Earnings reports. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the business earned $0.45 earnings per share. Concho Resources’s quarterly revenue was up 90.1% compared to the same quarter last year.

CXO stock traded up $5.26 during trading on Wednesday, hitting $141.01. The company had a trading volume of 133,536 shares, compared to its average volume of 1,612,810. The company has a market capitalization of $27.07 billion, a PE ratio of 67.21 and a beta of 0.95. Concho Resources has a 52-week low of $123.63 and a 52-week high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75.

In related news, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the transaction, the senior vice president now owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the transaction, the senior vice president now directly owns 16,193 shares in the company, valued at approximately $2,264,752.98. The disclosure for this sale can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 in the last ninety days. 1.10% of the stock is currently owned by insiders.

Several equities analysts have commented on the stock. Jefferies Financial Group set a $203.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, October 5th. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Sunday, September 30th. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 target price on the stock in a research note on Tuesday, October 16th. Finally, Morgan Stanley increased their target price on shares of Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a research note on Wednesday, September 26th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Concho Resources presently has an average rating of “Buy” and a consensus price target of $179.04.

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.

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Earnings History for Concho Resources (NYSE:CXO)

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