Jefferies Financial Group Reiterates Buy Rating for Concho Resources (CXO)

Concho Resources (NYSE:CXO)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Financial Group in a research note issued on Tuesday. They currently have a $205.00 target price on the oil and natural gas company’s stock. Jefferies Financial Group’s price target suggests a potential upside of 45.25% from the stock’s current price. Jefferies Financial Group also issued estimates for Concho Resources’ Q4 2018 earnings at $1.42 EPS, FY2018 earnings at $5.15 EPS, Q2 2019 earnings at $1.49 EPS, Q3 2019 earnings at $1.62 EPS, FY2019 earnings at $6.63 EPS, Q1 2020 earnings at $2.71 EPS, Q2 2020 earnings at $2.83 EPS and Q3 2020 earnings at $3.02 EPS.

A number of other research analysts have also recently weighed in on CXO. ValuEngine upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Susquehanna Bancshares began coverage on shares of Concho Resources in a report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 price target on the stock. Royal Bank of Canada restated a “buy” rating and issued a $200.00 price target on shares of Concho Resources in a report on Friday, July 13th. Piper Jaffray Companies restated a “buy” rating and issued a $220.00 price target on shares of Concho Resources in a report on Friday, July 20th. Finally, TD Securities upped their price target on shares of Concho Resources from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $181.00.

CXO stock opened at $141.14 on Tuesday. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. Concho Resources has a twelve month low of $123.63 and a twelve month high of $163.11. The firm has a market cap of $28.31 billion, a price-to-earnings ratio of 67.53 and a beta of 1.00.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the previous year, the business posted $0.45 earnings per share. The business’s revenue was up 90.1% compared to the same quarter last year. As a group, analysts anticipate that Concho Resources will post 4.83 EPS for the current fiscal year.

In related news, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the sale, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at $6,840,750.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The disclosure for this sale 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 insiders.

Hedge funds have recently added to or reduced their stakes in the business. Investec Asset Management LTD purchased a new stake in shares of Concho Resources during the second quarter valued at about $7,569,000. Paloma Partners Management Co lifted its position in shares of Concho Resources by 3,081.4% during the second quarter. Paloma Partners Management Co now owns 39,503 shares of the oil and natural gas company’s stock valued at $5,465,000 after buying an additional 40,828 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Concho Resources during the second quarter valued at about $255,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Concho Resources by 6.5% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 463,740 shares of the oil and natural gas company’s stock valued at $64,158,000 after buying an additional 28,411 shares during the last quarter. Finally, Precocity Capital LP purchased a new stake in shares of Concho Resources during the second quarter valued at about $10,376,000. 77.84% of the stock is owned by institutional investors and hedge funds.

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.

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