Brokerages Expect Concho Resources Inc. (CXO) Will Post Earnings of $0.29 Per Share
Equities analysts predict that Concho Resources Inc. (NYSE:CXO) will report $0.29 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for Concho Resources’ earnings, with the highest EPS estimate coming in at $0.47 and the lowest estimate coming in at $0.10. Concho Resources posted earnings per share of $0.32 during the same quarter last year, which would suggest a negative year-over-year growth rate of 9.4%. The company is expected to announce its next quarterly earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Concho Resources will report full-year earnings of $1.53 per share for the current year, with EPS estimates ranging from $0.96 to $1.96. For the next year, analysts anticipate that the firm will report earnings of $1.59 per share, with EPS estimates ranging from $0.11 to $3.01. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that cover Concho Resources.
Concho Resources (NYSE:CXO) last released 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. The business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS.
A number of equities analysts have commented on the company. Royal Bank Of Canada set a $178.00 target price on Concho Resources and gave the company a “buy” rating in a report on Saturday, June 17th. Credit Suisse Group set a $158.00 target price on Concho Resources and gave the company a “buy” rating in a report on Saturday, May 6th. BidaskClub cut Concho Resources from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Scotiabank set a $125.00 target price on Concho Resources and gave the company a “buy” rating in a report on Saturday, July 1st. Finally, Cowen and Company set a $145.00 target price on Concho Resources and gave the company a “hold” rating in a report on Tuesday, July 18th. One research 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. Concho Resources has a consensus rating of “Buy” and an average price target of $152.65.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the company’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 owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balentine LLC boosted its position 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 period. Exane Derivatives boosted its position 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 period. NN Investment Partners Holdings N.V. boosted its position 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 period. Oppenheimer Asset Management Inc. purchased a new position in Concho Resources during the first quarter worth approximately $174,000. Finally, Baird Financial Group Inc. purchased a new position in Concho Resources during the first quarter worth approximately $201,000. Institutional investors own 93.13% of the company’s stock.
Concho Resources (NYSE CXO) traded up 0.96% during trading on Friday, reaching $119.05. The company’s stock had a trading volume of 996,081 shares. Concho Resources has a one year low of $112.73 and a one year high of $147.55. The firm has a market capitalization of $17.71 billion, a P/E ratio of 27.48 and a beta of 1.09. The stock has a 50-day moving average of $123.01 and a 200 day moving average of $129.36.
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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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