Concho Resources (CXO) to Post Q1 2018 Earnings of $0.74 Per Share, Piper Jaffray Forecasts

Concho Resources (NYSE:CXO) – Piper Jaffray issued their Q1 2018 earnings estimates for Concho Resources in a research report issued on Wednesday, April 18th. Piper Jaffray analyst D. Kistler forecasts that the oil and natural gas company will post earnings of $0.74 per share for the quarter. Piper Jaffray has a “Buy” rating and a $170.00 price objective on the stock. Piper Jaffray also issued estimates for Concho Resources’ Q2 2018 earnings at $0.85 EPS, Q3 2018 earnings at $1.01 EPS, Q4 2018 earnings at $1.11 EPS, Q1 2019 earnings at $1.32 EPS, Q2 2019 earnings at $1.34 EPS, Q3 2019 earnings at $1.42 EPS and Q4 2019 earnings at $1.55 EPS.

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Several other equities research analysts have also issued reports on the stock. SunTrust Banks set a $165.00 price objective on shares of Concho Resources and gave the stock a “hold” rating in a research report on Monday. Royal Bank of Canada set a $185.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Friday, April 13th. Stifel Nicolaus lowered their price target on shares of Concho Resources from $212.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 9th. Zacks Investment Research lowered shares of Concho Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, April 9th. Finally, Jefferies Group set a $176.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, March 29th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $171.24.

Concho Resources stock opened at $157.45 on Friday. Concho Resources has a 52-week low of $106.73 and a 52-week high of $162.91. The firm has a market capitalization of $23,378.32, a PE ratio of 73.98 and a beta of 0.97. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30.

Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $780.00 million during the quarter, compared to analyst estimates of $720.51 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. The business’s quarterly revenue was up 48.6% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Concho Resources by 1.9% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 22,573 shares of the oil and natural gas company’s stock valued at $3,444,000 after acquiring an additional 428 shares during the last quarter. New Mexico Educational Retirement Board lifted its position in shares of Concho Resources by 3.6% in the 4th quarter. New Mexico Educational Retirement Board now owns 14,300 shares of the oil and natural gas company’s stock worth $2,148,000 after buying an additional 500 shares during the last quarter. Private Advisor Group LLC lifted its position in shares of Concho Resources by 25.6% in the 4th quarter. Private Advisor Group LLC now owns 2,739 shares of the oil and natural gas company’s stock worth $426,000 after buying an additional 559 shares during the last quarter. LS Investment Advisors LLC lifted its position in shares of Concho Resources by 14.5% in the 4th quarter. LS Investment Advisors LLC now owns 4,724 shares of the oil and natural gas company’s stock worth $710,000 after buying an additional 597 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Concho Resources by 1.2% in the 4th quarter. Arizona State Retirement System now owns 57,789 shares of the oil and natural gas company’s stock worth $8,681,000 after buying an additional 665 shares during the last quarter. Hedge funds and other institutional investors own 95.74% of the company’s stock.

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

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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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