Concho Resources Inc. (NYSE:CXO) – Research analysts at KeyCorp upped their FY2017 earnings estimates for Concho Resources in a note issued to investors on Wednesday. KeyCorp analyst D. Deckelbaum now forecasts that the oil and natural gas company will post earnings of $1.59 per share for the year, up from their prior estimate of $1.55.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the 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 firm had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. During the same period last year, the company earned $0.26 earnings per share. The company’s revenue was up 43.2% on a year-over-year basis.
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Several other brokerages have also issued reports on CXO. BidaskClub lowered Concho Resources from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup Inc. cut their price objective on Concho Resources from $166.00 to $151.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Cowen and Company set a $145.00 target price on Concho Resources and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Jefferies Group LLC set a $140.00 target price on Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research downgraded Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $154.05.
Concho Resources (NYSE:CXO) opened at 116.16 on Monday. The company has a market capitalization of $17.28 billion, a P/E ratio of 26.81 and a beta of 1.09. The stock’s 50 day moving average price is $122.96 and its 200 day moving average price is $129.53. Concho Resources has a one year low of $112.73 and a one year high of $147.55.
In other news, Director Lawrence J. Nagy sold 120,000 shares of Concho Resources stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. Insiders own 1.20% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Korea Investment CORP boosted its stake in shares of Concho Resources by 0.6% in the first quarter. Korea Investment CORP now owns 62,386 shares of the oil and natural gas company’s stock worth $8,007,000 after buying an additional 374 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Concho Resources by 8.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,895 shares of the oil and natural gas company’s stock worth $467,000 after buying an additional 298 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Concho Resources by 3.8% in the first quarter. Nationwide Fund Advisors now owns 71,915 shares of the oil and natural gas company’s stock worth $9,230,000 after buying an additional 2,608 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its stake in shares of Concho Resources by 57.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 10,744 shares of the oil and natural gas company’s stock worth $1,379,000 after buying an additional 3,939 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Concho Resources during the first quarter worth $693,000. 93.13% of the stock is owned by institutional investors and hedge funds.
Concho Resources Company Profile
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.
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