SunTrust Banks lowered shares of Concho Resources (NYSE:CXO) from a buy rating to a hold rating in a research report released on Tuesday morning, Marketbeat reports. The brokerage currently has $180.00 price objective on the oil and natural gas company’s stock. SunTrust Banks also issued estimates for Concho Resources’ Q4 2017 earnings at $0.43 EPS, FY2017 earnings at $1.89 EPS, FY2018 earnings at $2.64 EPS, FY2019 earnings at $3.14 EPS and FY2020 earnings at $3.22 EPS. The analysts noted that the move was a valuation call.

Several other research firms have also weighed in on CXO. Credit Suisse Group set a $159.00 price target on Concho Resources and gave the company a hold rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 price target on Concho Resources and gave the company a buy rating in a report on Monday, January 29th. Jefferies Group set a $185.00 price target on Concho Resources and gave the company a buy rating in a report on Tuesday, January 30th. Morgan Stanley increased their price target on Concho Resources from $155.00 to $183.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Finally, Deutsche Bank began coverage on Concho Resources in a report on Thursday, February 1st. They set a hold rating and a $171.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Concho Resources has a consensus rating of Buy and a consensus target price of $168.55.

Shares of Concho Resources (CXO) opened at $138.98 on Tuesday. Concho Resources has a twelve month low of $106.73 and a twelve month high of $162.91. The firm has a market capitalization of $20,830.00, a price-to-earnings ratio of 36.57 and a beta of 1.00. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32.

In other news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the transaction, the director now owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Timothy A. Leach sold 40,000 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total value of $5,925,600.00. Following the transaction, the chairman now directly owns 737,837 shares in the company, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. Insiders have sold a total of 127,759 shares of company stock worth $18,948,027 in the last three months. Corporate insiders own 0.99% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Suntrust Banks Inc. grew its position in shares of Concho Resources by 26.8% during the 4th quarter. Suntrust Banks Inc. now owns 11,287 shares of the oil and natural gas company’s stock worth $1,694,000 after buying an additional 2,385 shares in the last quarter. Timber Hill LLC bought a new position in shares of Concho Resources during the 4th quarter worth $422,000. Norinchukin Bank The grew its position in shares of Concho Resources by 7.4% during the 4th quarter. Norinchukin Bank The now owns 11,889 shares of the oil and natural gas company’s stock worth $1,786,000 after buying an additional 820 shares in the last quarter. American International Group Inc. grew its position in shares of Concho Resources by 18.6% during the 4th quarter. American International Group Inc. now owns 54,724 shares of the oil and natural gas company’s stock worth $8,221,000 after buying an additional 8,599 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Concho Resources during the 4th quarter worth $1,552,000. 94.86% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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