Concho Resources (NYSE:CXO) had its price objective cut by stock analysts at Morgan Stanley from $169.00 to $163.00 in a note issued to investors on Tuesday. The firm currently has a “hold” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target would indicate a potential upside of 20.70% from the company’s previous close.

CXO has been the subject of several other research reports. SunTrust Banks raised shares of Concho Resources from a “hold” rating to a “buy” rating and lifted their price target for the company from $155.00 to $170.00 in a research report on Monday, September 24th. Piper Jaffray Companies reissued an “overweight” rating and issued a $193.00 price target on shares of Concho Resources in a research report on Friday, September 28th. TheStreet downgraded shares of Concho Resources from a “b” rating to a “c+” rating in a research report on Tuesday, August 14th. Jefferies Financial Group set a $203.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, ValuEngine downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Thursday, November 8th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $181.36.

NYSE CXO traded up $1.17 during mid-day trading on Tuesday, hitting $135.04. The company’s stock had a trading volume of 156,197 shares, compared to its average volume of 2,033,406. Concho Resources has a twelve month low of $123.63 and a twelve month high of $163.11. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The company has a market cap of $27.84 billion, a P/E ratio of 64.61, a PEG ratio of 0.98 and a beta of 1.00.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the firm posted $0.45 EPS. Concho Resources’s revenue was up 90.1% compared to the same quarter last year. Sell-side analysts predict that Concho Resources will post 4.87 EPS for the current year.

In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of the firm’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the transaction, the senior vice president now directly owns 16,193 shares in the company, valued at approximately $2,264,752.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven L. Beal sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the transaction, the director now owns 75,548 shares in the company, valued at $10,368,207.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,500 shares of company stock worth $2,376,320. Company insiders own 1.10% of the company’s stock.

A number of large investors have recently modified their holdings of CXO. Baird Financial Group Inc. raised its stake in shares of Concho Resources by 19.4% during the 2nd quarter. Baird Financial Group Inc. now owns 2,398 shares of the oil and natural gas company’s stock worth $332,000 after purchasing an additional 390 shares during the period. Twin Capital Management Inc. raised its stake in shares of Concho Resources by 0.9% during the 2nd quarter. Twin Capital Management Inc. now owns 47,460 shares of the oil and natural gas company’s stock worth $6,566,000 after purchasing an additional 410 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Concho Resources by 25.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock worth $300,000 after purchasing an additional 441 shares during the period. Wetherby Asset Management Inc. raised its stake in shares of Concho Resources by 21.3% during the 3rd quarter. Wetherby Asset Management Inc. now owns 2,652 shares of the oil and natural gas company’s stock worth $406,000 after purchasing an additional 466 shares during the period. Finally, Tiverton Asset Management LLC raised its stake in shares of Concho Resources by 4.9% during the 2nd quarter. Tiverton Asset Management LLC now owns 10,068 shares of the oil and natural gas company’s stock worth $1,393,000 after purchasing an additional 472 shares during the period. Institutional investors and hedge funds own 84.60% of the company’s stock.

About Concho Resources

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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