Concho Resources Inc. (NYSE:CXO) – Research analysts at SunTrust Banks cut their Q3 2017 earnings per share (EPS) estimates for Concho Resources in a research note issued on Friday. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will post earnings of $0.31 per share for the quarter, down from their previous forecast of $0.34. SunTrust Banks also issued estimates for Concho Resources’ Q4 2017 earnings at $0.38 EPS and FY2018 earnings at $2.01 EPS.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.43 by $0.09. The company had revenue of $567 million during the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 earnings per share.
A number of other analysts also recently issued reports on the company. Barclays PLC cut their target price on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday. BidaskClub downgraded Concho Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Citigroup Inc. cut their target price on Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research note 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $152.65.
Concho Resources (NYSE CXO) opened at 117.92 on Monday. Concho Resources has a 1-year low of $112.73 and a 1-year high of $147.55. The stock has a market capitalization of $17.54 billion, a price-to-earnings ratio of 27.21 and a beta of 1.09. The firm’s 50-day moving average is $123.01 and its 200 day moving average is $129.36.
Hedge funds have recently bought and sold shares of the company. Balentine LLC increased its stake in Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 530 shares during the last quarter. Exane Derivatives increased its stake in Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after buying an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. increased its stake in Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after buying an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Concho Resources during the first quarter worth approximately $174,000. Finally, Baird Financial Group Inc. purchased a new stake in Concho Resources during the first quarter worth approximately $201,000. Institutional investors own 93.13% of the company’s stock.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total transaction of $32,400.00. 1.20% of the stock is currently owned by insiders.
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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