Concho Resources Inc (NYSE:CXO) – Investment analysts at Capital One Financial dropped their Q3 2019 earnings per share estimates for shares of Concho Resources in a research report issued to clients and investors on Thursday, May 2nd. Capital One Financial analyst R. Tullis now forecasts that the oil and natural gas company will post earnings of $1.26 per share for the quarter, down from their prior forecast of $1.44. Capital One Financial also issued estimates for Concho Resources’ Q4 2019 earnings at $1.37 EPS and FY2019 earnings at $4.41 EPS.
Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 earnings per share.
Other equities analysts have also recently issued reports about the company. TheStreet upgraded Concho Resources from a “c” rating to a “b-” rating in a research note on Tuesday, February 19th. Williams Capital restated a “buy” rating and set a $182.00 price objective on shares of Concho Resources in a research note on Monday, February 11th. Morgan Stanley set a $154.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, January 29th. Mizuho initiated coverage on Concho Resources in a research note on Tuesday, January 29th. They set a “buy” rating and a $156.00 price objective on the stock. Finally, Cowen set a $140.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, February 19th. One analyst has rated the stock with a sell rating, three have given 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 has a consensus rating of “Buy” and a consensus price target of $164.64.
Concho Resources stock opened at $107.90 on Monday. Concho Resources has a 52 week low of $93.31 and a 52 week high of $162.54. The company has a market cap of $21.96 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 0.84 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 1.01.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 10th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Thursday, May 9th. Concho Resources’s dividend payout ratio is presently 10.89%.
In other Concho Resources news, Chairman Timothy A. Leach sold 54,545 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $109.34, for a total value of $5,963,950.30. Following the sale, the chairman now directly owns 680,041 shares of the company’s stock, valued at $74,355,682.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary A. Merriman bought 2,000 shares of the company’s stock in a transaction on Wednesday, February 27th. The stock was bought at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the completion of the transaction, the director now directly owns 19,727 shares of the company’s stock, valued at $2,199,757.77. The disclosure for this purchase can be found here. Insiders sold 77,745 shares of company stock worth $8,532,784 over the last ninety days. 1.10% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates increased its holdings in shares of Concho Resources by 13.4% during the first quarter. Raymond James & Associates now owns 87,525 shares of the oil and natural gas company’s stock valued at $9,712,000 after purchasing an additional 10,313 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Concho Resources by 9.0% during the first quarter. CIBC Asset Management Inc now owns 37,545 shares of the oil and natural gas company’s stock valued at $4,166,000 after purchasing an additional 3,090 shares during the period. Toronto Dominion Bank increased its holdings in shares of Concho Resources by 202.0% during the first quarter. Toronto Dominion Bank now owns 334,222 shares of the oil and natural gas company’s stock valued at $37,081,000 after purchasing an additional 223,554 shares during the period. State Treasurer State of Michigan increased its holdings in shares of Concho Resources by 0.9% during the first quarter. State Treasurer State of Michigan now owns 57,832 shares of the oil and natural gas company’s stock valued at $6,417,000 after purchasing an additional 500 shares during the period. Finally, First Mercantile Trust Co. increased its holdings in shares of Concho Resources by 23.0% during the first quarter. First Mercantile Trust Co. now owns 1,682 shares of the oil and natural gas company’s stock valued at $187,000 after purchasing an additional 315 shares during the period. 94.78% of the stock is currently owned by institutional investors.
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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