Concho Resources Inc (NYSE:CXO) – Stock analysts at Jefferies Financial Group upped their Q1 2019 earnings estimates for shares of Concho Resources in a research report issued to clients and investors on Friday, October 5th. Jefferies Financial Group analyst M. Lear now forecasts that the oil and natural gas company will earn $1.46 per share for the quarter, up from their previous estimate of $1.36. Jefferies Financial Group has a “Buy” rating and a $203.00 price target on the stock.
Several other research firms have also recently weighed in on CXO. Piper Jaffray Companies reissued a “buy” rating and issued a $220.00 price objective on shares of Concho Resources in a research report on Friday, July 20th. Susquehanna Bancshares started coverage on Concho Resources in a research report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 price objective for the company. Williams Capital reissued a “buy” rating and issued a $189.00 price objective on shares of Concho Resources in a research report on Monday, July 23rd. ValuEngine cut Concho Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Finally, Morgan Stanley increased their price objective on Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, September 26th. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Concho Resources currently has an average rating of “Buy” and an average price target of $175.91.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The company’s revenue was up 66.7% on a year-over-year basis.
In related news, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the transaction, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at $6,840,750.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark B. Puckett bought 2,000 shares of Concho Resources stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average cost of $134.39 per share, with a total value of $268,780.00. Following the completion of the transaction, the director now owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 17,500 shares of company stock valued at $2,376,320. 1.10% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Itau Unibanco Holding S.A. acquired a new position in Concho Resources during the second quarter worth $166,000. First Allied Advisory Services Inc. acquired a new position in Concho Resources during the first quarter worth $202,000. Summit X LLC acquired a new position in Concho Resources during the second quarter worth $203,000. KC Investment Advisors LLC acquired a new position in Concho Resources during the second quarter worth $204,000. Finally, Cornerstone Wealth Management LLC acquired a new position in Concho Resources during the second quarter worth $232,000. 77.44% of the stock is owned by hedge funds and other institutional investors.
About Concho Resources
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.
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