Concho Resources (NYSE:CXO) had its price objective reduced by Morgan Stanley from $141.00 to $140.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s target price would indicate a potential upside of 22.76% from the stock’s current price.

A number of other research firms have also recently weighed in on CXO. Barclays upgraded shares of Concho Resources from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $171.00 to $162.00 in a research report on Wednesday, January 16th. They noted that the move was a valuation call. KeyCorp upped their price objective on shares of Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. ValuEngine cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. Ifs Securities restated a “strong-buy” rating on shares of Concho Resources in a research report on Sunday, February 3rd. Finally, Mizuho started coverage on shares of Concho Resources in a research report on Tuesday, January 29th. They set a “buy” rating and a $156.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $165.32.

Shares of CXO stock traded up $0.76 during trading hours on Thursday, hitting $114.04. The company’s stock had a trading volume of 5,576 shares, compared to its average volume of 2,074,114. The company has a market capitalization of $22.32 billion, a P/E ratio of 24.92, a price-to-earnings-growth ratio of 0.87 and a beta of 1.11. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.60. Concho Resources has a 12-month low of $93.31 and a 12-month high of $160.81.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, sell-side analysts forecast that Concho Resources will post 4.23 earnings per share for the current year.

In other news, Director Steven L. Beal sold 7,500 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $99.90, for a total transaction of $749,250.00. Following the completion of the sale, the director now owns 69,096 shares of the company’s stock, valued at $6,902,690.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Timothy A. Leach sold 54,545 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the sale, the chairman now directly owns 680,041 shares of the company’s stock, valued at approximately $74,355,682.94. The disclosure for this sale can be found here. Insiders have sold 77,745 shares of company stock valued at $8,532,784 in the last ninety days. Insiders own 1.10% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Concho Resources by 38.5% during the third quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after purchasing an additional 1,377,981 shares during the period. Legal & General Group Plc lifted its position in Concho Resources by 31.9% during the third quarter. Legal & General Group Plc now owns 861,973 shares of the oil and natural gas company’s stock valued at $131,666,000 after purchasing an additional 208,278 shares during the period. Vanguard Group Inc raised its position in Concho Resources by 34.6% in the third quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after acquiring an additional 5,380,400 shares during the period. DNB Asset Management AS raised its position in Concho Resources by 1.4% in the fourth quarter. DNB Asset Management AS now owns 25,350 shares of the oil and natural gas company’s stock worth $2,606,000 after acquiring an additional 348 shares during the period. Finally, Fox Run Management L.L.C. bought a new position in Concho Resources in the fourth quarter worth approximately $253,000. 95.21% of the stock is owned by institutional investors and hedge funds.

Concho Resources Company Profile

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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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