Zacks Investment Research Lowers Concho Resources Inc. (CXO) to Hold
According to Zacks, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays. “
Several other research firms have also recently issued reports on CXO. Johnson Rice began coverage on shares of Concho Resources in a research note on Tuesday, October 4th. They issued an accumulate rating on the stock. Canaccord Genuity reissued a hold rating and issued a $135.00 price target on shares of Concho Resources in a report on Monday, November 21st. Jefferies Group set a $123.00 price target on shares of Concho Resources and gave the stock a hold rating in a report on Tuesday, October 18th. Morgan Stanley reissued a buy rating and issued a $187.00 price target on shares of Concho Resources in a report on Tuesday, August 16th. Finally, Bank of America Corp. set a $151.00 price target on shares of Concho Resources and gave the stock a buy rating in a report on Tuesday, November 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $139.85.
Concho Resources (NYSE:CXO) opened at 127.33 on Thursday. The stock has a 50 day moving average price of $133.68 and a 200-day moving average price of $127.49. The firm’s market cap is $17.95 billion. Concho Resources has a 1-year low of $69.94 and a 1-year high of $143.60.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.14. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The business had revenue of $430.55 million for the quarter, compared to analysts’ expectations of $69.10 million. During the same period in the prior year, the company posted $0.33 EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. Equities research analysts forecast that Concho Resources will post $0.43 EPS for the current year.
In related news, CAO Brenda R. Schroer sold 1,800 shares of Concho Resources stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total transaction of $248,472.00. Following the completion of the transaction, the chief accounting officer now directly owns 8,060 shares of the company’s stock, valued at approximately $1,112,602.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Carmignac Gestion acquired a new position in shares of Concho Resources during the second quarter worth about $209,179,000. JPMorgan Chase & Co. boosted its position in shares of Concho Resources by 43.6% in the third quarter. JPMorgan Chase & Co. now owns 5,144,449 shares of the company’s stock worth $706,590,000 after buying an additional 1,561,545 shares during the period. Capital Research Global Investors boosted its position in shares of Concho Resources by 10.8% in the second quarter. Capital Research Global Investors now owns 14,270,430 shares of the company’s stock worth $1,702,034,000 after buying an additional 1,388,475 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Concho Resources by 39.6% in the third quarter. TIAA CREF Investment Management LLC now owns 4,120,419 shares of the company’s stock worth $565,940,000 after buying an additional 1,169,713 shares during the period. Finally, Standard Life Investments LTD boosted its position in shares of Concho Resources by 143.1% in the third quarter. Standard Life Investments LTD now owns 1,663,885 shares of the company’s stock worth $228,502,000 after buying an additional 979,311 shares during the period. 96.32% of the stock is owned by institutional investors.
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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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