A number of firms have modified their ratings and price targets on shares of Concho Resources (NYSE: CXO) recently:

  • 8/9/2017 – Concho Resources was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Considering Concho Resources' service cost inflation and the negative sentiment surrounding oil prices, we remain bearish on the Permian pure play. With rig prices rising on the back of stronger demand and stiff competition putting upward pressure on service costs, the company's margins are set to suffer. As it is, land prices in the Permian are surging, which will again make drilling costly. Crude's renewed decline will hamper Concho Resources' earnings and cash flows. Lack of geographical diversification also keep us worried. Therefore, despite its comprehensive second-quarter earnings beat, we see the company as a risky bet that is best avoided at the moment.”
  • 8/8/2017 – Concho Resources had its price target lowered by analysts at Barclays PLC from $125.00 to $124.00. They now have an “overweight” rating on the stock.
  • 8/5/2017 – Concho Resources was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating.
  • 7/21/2017 – Concho Resources had its price target lowered by analysts at Citigroup Inc. from $166.00 to $151.00. They now have a “buy” rating on the stock.
  • 7/19/2017 – Concho Resources was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 7/19/2017 – Concho Resources was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Considering Concho Resources' service cost inflation and the negative sentiment surrounding oil prices, we have turned bearish on the Permian pure play. With rig prices rising on the back of stronger demand and stiff competition putting upward pressure on service costs, the company's margins are set to suffer. As it is, land prices in the Permian are surging, which will again make drilling costly. Crude's renewed decline will hamper Concho Resources' earnings and cash flows. Lack of geographical diversification also keep us worried. Therefore, ahead of its second-quarter results, we see the company as a risky bet that is best avoided at the moment.”
  • 7/19/2017 – Concho Resources was given a new $140.00 price target on by analysts at Jefferies Group LLC. They now have a “hold” rating on the stock.
  • 7/18/2017 – Concho Resources was given a new $145.00 price target on by analysts at Cowen and Company. They now have a “hold” rating on the stock.
  • 7/14/2017 – Concho Resources had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $192.00 price target on the stock.
  • 7/13/2017 – Concho Resources had its price target lowered by analysts at Citigroup Inc. from $168.00 to $166.00. They now have a “buy” rating on the stock.
  • 7/1/2017 – Concho Resources was given a new $125.00 price target on by analysts at Scotiabank. They now have a “buy” rating on the stock.
  • 6/30/2017 – Concho Resources was downgraded by analysts at Bank of America Corporation from a “buy” rating to a “neutral” rating. They now have a $128.00 price target on the stock, down previously from $155.00.
  • 6/30/2017 – Concho Resources was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 6/22/2017 – Concho Resources was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 6/22/2017 – Concho Resources had its “buy” rating reaffirmed by analysts at BMO Capital Markets. They now have a $180.00 price target on the stock.
  • 6/21/2017 – Concho Resources was downgraded by analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating. They now have a $100.00 price target on the stock, down previously from $163.00.
  • 6/17/2017 – Concho Resources was given a new $178.00 price target on by analysts at Royal Bank Of Canada. They now have a “buy” rating on the stock.

Shares of Concho Resources Inc. (NYSE:CXO) traded down 2.30% during midday trading on Thursday, reaching $116.09. 1,510,780 shares of the company’s stock traded hands. Concho Resources Inc. has a 52-week low of $112.73 and a 52-week high of $147.55. The stock has a market cap of $17.13 billion, a price-to-earnings ratio of 26.94 and a beta of 1.09. The stock has a 50 day moving average of $123.12 and a 200-day moving average of $128.93.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. During the same quarter last year, the firm earned $0.26 earnings per share. The company’s revenue was up 43.2% on a year-over-year basis. On average, equities research analysts expect that Concho Resources Inc. will post $1.58 EPS for the current year.

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 transaction of $32,400.00. 1.20% of the stock is currently owned by company insiders.

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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