Concho Resources Inc (NYSE:CXO) – Equities researchers at SunTrust Banks reduced their Q2 2019 earnings estimates for shares of Concho Resources in a research report issued on Monday, July 8th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will post earnings per share of $0.88 for the quarter, down from their previous estimate of $0.95. SunTrust Banks currently has a “Buy” rating and a $135.00 target price on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q3 2019 earnings at $0.98 EPS, Q4 2019 earnings at $1.21 EPS, FY2019 earnings at $3.80 EPS and FY2020 earnings at $6.22 EPS.
CXO has been the topic of a number of other research reports. Morgan Stanley set a $23.00 price target on shares of Cabot Oil & Gas and gave the stock a “hold” rating in a report on Monday, June 24th. Susquehanna Bancshares set a $13.00 price target on shares of SM Energy and gave the stock a “hold” rating in a report on Wednesday, June 19th. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a report on Monday, March 18th. Citigroup increased their price target on shares of Walt Disney from $126.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, Barclays reissued a “hold” rating on shares of Mettler-Toledo International in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $162.88.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. Concho Resources’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.00 EPS.
Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Concho Resources by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 2,548,154 shares of the oil and natural gas company’s stock worth $261,459,000 after purchasing an additional 181,294 shares during the period. American Century Companies Inc. lifted its position in Concho Resources by 20.1% during the 1st quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock valued at $273,580,000 after acquiring an additional 412,726 shares during the period. Northern Trust Corp lifted its position in Concho Resources by 0.9% during the 1st quarter. Northern Trust Corp now owns 2,330,088 shares of the oil and natural gas company’s stock valued at $258,546,000 after acquiring an additional 21,749 shares during the period. FIL Ltd lifted its position in Concho Resources by 11.8% during the 1st quarter. FIL Ltd now owns 1,716,909 shares of the oil and natural gas company’s stock valued at $190,508,000 after acquiring an additional 181,581 shares during the period. Finally, Norges Bank purchased a new position in Concho Resources during the 4th quarter valued at about $166,890,000. 94.56% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Timothy A. Leach sold 54,545 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the completion of the sale, the chairman now directly owns 680,041 shares of the company’s stock, valued at approximately $74,355,682.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven D. Gray sold 7,000 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $120.00, for a total transaction of $840,000.00. Following the completion of the sale, the director now directly owns 179,039 shares of the company’s stock, valued at $21,484,680. The disclosure for this sale can be found here. Insiders have sold a total of 66,045 shares of company stock valued at $7,321,450 in the last three months. 1.10% of the stock is currently owned by corporate insiders.
The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 10th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $0.50 annualized dividend and a yield of 0.49%. Concho Resources’s payout ratio is currently 10.89%.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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