Morgan Stanley upgraded shares of Concho Resources (NYSE:CXO) from an underweight rating to an equal weight rating in a research report sent to investors on Monday morning, BenzingaRatingsTable reports. They currently have $88.00 target price on the oil and natural gas company’s stock, up from their prior target price of $68.00.
Several other analysts have also issued reports on CXO. Citigroup lowered their target price on Concho Resources from $81.00 to $74.00 and set a neutral rating on the stock in a research note on Tuesday, October 15th. KeyCorp reduced their price target on Concho Resources from $106.00 to $95.00 and set an overweight rating for the company in a research report on Tuesday, October 15th. ValuEngine upgraded Concho Resources from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Scotiabank assumed coverage on Concho Resources in a research report on Wednesday, November 13th. They issued a sector outperform rating and a $92.00 price target for the company. Finally, SunTrust Banks cut Concho Resources from a buy rating to a hold rating and reduced their price target for the company from $100.00 to $70.00 in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Concho Resources presently has a consensus rating of Buy and an average target price of $111.45.
Shares of CXO opened at $88.44 on Monday. The firm has a market cap of $18.02 billion, a PE ratio of 19.27 and a beta of 1.35. The stock’s fifty day moving average price is $82.56 and its two-hundred day moving average price is $78.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.51 and a quick ratio of 1.48. Concho Resources has a 1 year low of $61.37 and a 1 year high of $126.54.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.05). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.09 billion. Concho Resources had a net margin of 28.98% and a return on equity of 3.24%. The business’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Sell-side analysts anticipate that Concho Resources will post 2.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 8th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.57%. The ex-dividend date was Thursday, November 7th. Concho Resources’s payout ratio is 10.89%.
A number of institutional investors have recently bought and sold shares of CXO. Vanguard Group Inc. boosted its holdings in shares of Concho Resources by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 21,953,438 shares of the oil and natural gas company’s stock worth $2,265,155,000 after purchasing an additional 290,603 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Concho Resources by 49.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,730,550 shares of the oil and natural gas company’s stock worth $2,138,978,000 after purchasing an additional 6,853,820 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Concho Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 13,655,162 shares of the oil and natural gas company’s stock worth $1,408,940,000 after purchasing an additional 189,393 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Concho Resources by 78,872.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,849,910 shares of the oil and natural gas company’s stock worth $397,233,000 after purchasing an additional 3,845,035 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Concho Resources by 1.2% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 850,232 shares of the oil and natural gas company’s stock worth $57,731,000 after purchasing an additional 9,782 shares in the last quarter. Institutional investors and hedge funds own 92.68% of the company’s stock.
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.
Further Reading: Cash Flow
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