Concho Resources to Post FY2018 Earnings of $3.72 Per Share, Piper Jaffray Forecasts (CXO)

Concho Resources (NYSE:CXO) – Investment analysts at Piper Jaffray lifted their FY2018 earnings per share (EPS) estimates for shares of Concho Resources in a research report issued to clients and investors on Wednesday, April 18th. Piper Jaffray analyst D. Kistler now expects that the oil and natural gas company will post earnings per share of $3.72 for the year, up from their previous estimate of $3.43. Piper Jaffray currently has a “Buy” rating and a $170.00 target price on the stock. Piper Jaffray also issued estimates for Concho Resources’ FY2019 earnings at $5.63 EPS.

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Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The business had revenue of $780.00 million for the quarter, compared to analyst estimates of $720.51 million. During the same quarter last year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 48.6% compared to the same quarter last year.

Several other analysts have also issued reports on CXO. Royal Bank of Canada set a $185.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, April 13th. SunTrust Banks set a $165.00 target price on shares of Concho Resources and gave the company a “hold” rating in a research report on Monday. Zacks Investment Research lowered shares of Concho Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 9th. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b-” rating in a research report on Tuesday, February 20th. Finally, Stifel Nicolaus decreased their price target on shares of Concho Resources from $212.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, April 9th. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $171.24.

Shares of NYSE CXO opened at $156.83 on Thursday. Concho Resources has a 52-week low of $106.73 and a 52-week high of $162.91. The stock has a market capitalization of $22,877.45, a PE ratio of 72.39 and a beta of 0.97. The company has a current ratio of 0.51, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30.

In other news, VP E Joseph Wright sold 83,759 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total value of $12,418,946.93. Following the sale, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Timothy A. Leach sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the sale, the chairman now directly owns 737,837 shares in the company, valued at $109,303,173.18. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB raised its stake in shares of Concho Resources by 15.8% in the 4th quarter. Xact Kapitalforvaltning AB now owns 14,847 shares of the oil and natural gas company’s stock valued at $2,230,000 after acquiring an additional 2,029 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Concho Resources by 36.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 25,927 shares of the oil and natural gas company’s stock valued at $3,894,000 after acquiring an additional 6,963 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Concho Resources by 37.1% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 140,705 shares of the oil and natural gas company’s stock valued at $21,137,000 after acquiring an additional 38,092 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in shares of Concho Resources by 60.7% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,411 shares of the oil and natural gas company’s stock valued at $1,113,000 after acquiring an additional 2,800 shares during the period. Finally, Segall Bryant & Hamill LLC raised its stake in shares of Concho Resources by 62.0% in the 4th quarter. Segall Bryant & Hamill LLC now owns 255,762 shares of the oil and natural gas company’s stock valued at $38,421,000 after acquiring an additional 97,865 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.

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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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

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