$0.80 Earnings Per Share Expected for Concho Resources Inc (NYSE:CXO) This Quarter

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Equities research analysts expect that Concho Resources Inc (NYSE:CXO) will announce $0.80 earnings per share for the current quarter, Zacks Investment Research reports. Ten analysts have made estimates for Concho Resources’ earnings. The highest EPS estimate is $1.14 and the lowest is $0.61. Concho Resources posted earnings of $1.42 per share during the same quarter last year, which indicates a negative year over year growth rate of 43.7%. The business is expected to report its next quarterly earnings results on Tuesday, October 29th.

According to Zacks, analysts expect that Concho Resources will report full year earnings of $3.28 per share for the current financial year, with EPS estimates ranging from $2.90 to $3.85. For the next year, analysts anticipate that the firm will post earnings of $5.69 per share, with EPS estimates ranging from $3.75 to $11.31. Zacks’ earnings per share averages are a mean average based on a survey of analysts that follow Concho Resources.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.05). The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 earnings per share.

A number of analysts have issued reports on the stock. Stifel Nicolaus set a $188.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Friday, August 2nd. Credit Suisse Group reduced their price target on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 1st. Susquehanna Bancshares reduced their price target on shares of Concho Resources from $150.00 to $143.00 and set a “positive” rating on the stock in a report on Wednesday, June 19th. Johnson Rice downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Finally, Morgan Stanley downgraded shares of Concho Resources from an “overweight” rating to an “underweight” rating and reduced their price target for the company from $131.00 to $64.00 in a report on Tuesday, August 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $148.24.

NYSE CXO traded up $2.37 on Tuesday, reaching $71.63. The company had a trading volume of 2,797,100 shares, compared to its average volume of 3,861,659. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $13.93 billion, a PE ratio of 15.61 and a beta of 1.15. The firm’s 50 day moving average price is $90.90 and its 200 day moving average price is $104.45. Concho Resources has a 12 month low of $63.92 and a 12 month high of $160.81.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.70%. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.

In other news, President Jack F. Harper purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $65.40 per share, with a total value of $654,000.00. Following the purchase, the president now owns 170,605 shares in the company, valued at $11,157,567. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark B. Puckett purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average cost of $68.48 per share, with a total value of $136,960.00. Following the completion of the purchase, the director now owns 32,483 shares in the company, valued at approximately $2,224,435.84. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 14,700 shares of company stock worth $979,844. Insiders own 1.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. First Hawaiian Bank boosted its position in Concho Resources by 2,400.0% in the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 240 shares during the period. Mizuho Securities Co. Ltd. purchased a new stake in Concho Resources in the 2nd quarter valued at about $41,000. Valeo Financial Advisors LLC purchased a new stake in Concho Resources in the 1st quarter valued at about $50,000. Crewe Advisors LLC purchased a new stake in Concho Resources in the 2nd quarter valued at about $51,000. Finally, Covington Capital Management boosted its position in Concho Resources by 81.2% in the 2nd quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after buying an additional 224 shares during the period. 93.99% of the stock is owned by hedge funds and other institutional investors.

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

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