BidaskClub cut shares of Concho Resources Inc. (NYSE:CXO) from a buy rating to a hold rating in a report published on Saturday.

Other research analysts have also recently issued reports about the stock. Royal Bank Of Canada set a $178.00 price objective on shares of Concho Resources and gave the company a buy rating in a report on Saturday, June 17th. Credit Suisse Group set a $158.00 price objective on shares of Concho Resources and gave the company a buy rating in a report on Saturday, May 6th. Scotiabank set a $125.00 price objective on shares of Concho Resources and gave the company a buy rating in a report on Saturday, July 1st. Cowen and Company set a $145.00 price objective on shares of Concho Resources and gave the company a hold rating in a report on Tuesday, July 18th. Finally, Jefferies Group LLC set a $140.00 price objective on shares of Concho Resources and gave the company a hold rating in a report on Wednesday, July 19th. One investment 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. Concho Resources currently has a consensus rating of Buy and an average target price of $154.05.

Shares of Concho Resources (NYSE CXO) opened at 116.16 on Friday. The stock has a market cap of $17.28 billion, a price-to-earnings ratio of 26.81 and a beta of 1.09. The stock’s 50 day moving average is $122.96 and its 200 day moving average is $129.53. Concho Resources has a 52 week low of $112.73 and a 52 week high of $147.55.

Concho Resources (NYSE:CXO) last released its quarterly earnings data 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 net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same period in the previous year, the company earned $0.26 earnings per share. The firm’s quarterly revenue was up 43.2% on a year-over-year basis. On average, equities analysts forecast that Concho Resources will post $1.57 EPS for the current year.

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In related news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were 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 corporate insiders.

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position 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 in the last quarter. BlackRock Inc. raised its position 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 in the last quarter. State Street Corp raised its position 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 in the last quarter. Jennison Associates LLC raised its position in shares of Concho Resources by 3.6% in the second quarter. Jennison Associates LLC now owns 6,038,410 shares of the oil and natural gas company’s stock worth $733,848,000 after buying an additional 211,679 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Concho Resources by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 3,889,540 shares of the oil and natural gas company’s stock worth $499,184,000 after buying an additional 46,388 shares in the last quarter. Hedge funds and other institutional investors own 93.13% of the company’s stock.

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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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