Shares of Concho Resources Inc (NYSE:CXO) have been assigned an average recommendation of “Buy” from the twenty-nine research firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, twenty-three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $164.30.
A number of brokerages have recently commented on CXO. Stephens raised shares of Concho Resources from an “equal” rating to an “overweight” rating in a report on Tuesday, January 29th. Wells Fargo & Co reduced their target price on shares of Concho Resources from $174.00 to $151.00 and set an “outperform” rating for the company in a report on Wednesday, March 13th. They noted that the move was a valuation call. Williams Capital reaffirmed a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a report on Sunday, April 21st. Barclays upped their target price on shares of Concho Resources from $161.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, May 15th. Finally, Credit Suisse Group set a $132.00 target price on shares of Concho Resources and gave the company a “hold” rating in a report on Wednesday, February 20th.
CXO traded down $4.81 on Friday, reaching $110.79. The company had a trading volume of 42,496 shares, compared to its average volume of 2,040,026. Concho Resources has a 1 year low of $93.31 and a 1 year high of $160.81. The stock has a market cap of $23.19 billion, a PE ratio of 24.14, 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 (NYSE:CXO) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the company posted $1.00 earnings per share. Concho Resources’s quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities analysts expect that Concho Resources will post 4.25 EPS for the current fiscal year.
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 dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.50 annualized dividend and a yield of 0.45%. Concho Resources’s payout ratio is currently 10.89%.
In other Concho Resources news, Director Steven L. Beal sold 7,500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $99.90, for a total value of $749,250.00. Following the sale, the director now owns 69,096 shares of the company’s stock, valued at $6,902,690.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Timothy A. Leach sold 54,545 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the completion of the sale, the chairman now directly owns 680,041 shares in the company, 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 worth $8,532,784 over the last 90 days. 1.10% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. National Pension Service lifted its holdings in shares of Concho Resources by 4.4% in the fourth quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock valued at $20,817,000 after purchasing an additional 7,334 shares in the last quarter. Perella Weinberg Partners Capital Management LP purchased a new position in shares of Concho Resources during the fourth quarter valued at approximately $28,109,000. Jackson Hole Capital Partners LLC purchased a new position in shares of Concho Resources during the fourth quarter valued at approximately $611,000. Boenning & Scattergood Inc. raised its stake in Concho Resources by 24.4% during the fourth quarter. Boenning & Scattergood Inc. now owns 7,376 shares of the oil and natural gas company’s stock worth $758,000 after purchasing an additional 1,449 shares during the period. Finally, Prudential Financial Inc. raised its stake in Concho Resources by 40.1% during the fourth quarter. Prudential Financial Inc. now owns 293,331 shares of the oil and natural gas company’s stock worth $30,146,000 after purchasing an additional 84,000 shares during the period. 95.21% of the stock is currently owned by institutional investors.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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