Concho Resources Inc. Forecasted to Earn Q3 2017 Earnings of $0.16 Per Share (NYSE:CXO)

Concho Resources Inc. (NYSE:CXO) – Stock analysts at Seaport Global Securities issued their Q3 2017 earnings per share (EPS) estimates for Concho Resources in a research report issued on Monday. Seaport Global Securities analyst M. Kelly anticipates that the oil and natural gas company will post earnings per share of $0.16 for the quarter. Seaport Global Securities has a “Neutral” rating and a $100.00 price objective on the stock. Seaport Global Securities also issued estimates for Concho Resources’ Q4 2017 earnings at $0.19 EPS, FY2017 earnings at $1.35 EPS, Q1 2018 earnings at ($0.04) EPS, Q2 2018 earnings at ($0.04) EPS, Q3 2018 earnings at $0.09 EPS, Q4 2018 earnings at $0.09 EPS and FY2018 earnings at $0.11 EPS.

A number of other analysts have also issued reports on the company. Citigroup Inc. reaffirmed a “buy” rating and issued a $173.00 target price (up previously from $172.00) on shares of Concho Resources in a report on Saturday, April 22nd. BidaskClub lowered Concho Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. BMO Capital Markets reaffirmed a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a report on Thursday, June 22nd. Stifel Nicolaus assumed coverage on Concho Resources in a report on Wednesday, April 12th. They issued a “buy” rating and a $206.00 target price on the stock. Finally, Scotiabank set a $156.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, May 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $152.65.

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Shares of Concho Resources (NYSE:CXO) opened at 117.92 on Wednesday. The stock’s 50 day moving average price is $123.01 and its 200-day moving average price is $129.36. Concho Resources has a one year low of $112.73 and a one year high of $147.55. The stock has a market cap of $17.54 billion, a PE ratio of 27.21 and a beta of 1.09.

Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter in the previous year, the business earned $0.26 EPS. The company’s revenue for the quarter was up 43.2% on a year-over-year basis.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in shares of Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock worth $1,238,471,000 after buying an additional 9,314,878 shares during the period. Lime Rock Management LP purchased a new stake in shares of Concho Resources during the first quarter worth approximately $198,407,000. Vanguard Group Inc. raised its stake in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares during the period. State Street Corp raised its stake in shares of Concho Resources by 3.1% in the first quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock worth $1,010,365,000 after buying an additional 236,182 shares during the period. Finally, TCW Group Inc. raised its stake in shares of Concho Resources by 81.4% in the first quarter. TCW Group Inc. now owns 490,346 shares of the oil and natural gas company’s stock worth $62,931,000 after buying an additional 219,969 shares during the period. 93.13% of the stock is owned by hedge funds and other institutional investors.

In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. 1.20% of the stock is currently owned by insiders.

About Concho Resources

Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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

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