Concho Resources (CXO) Earns Buy Rating from Analysts at MKM Partners

MKM Partners began coverage on shares of Concho Resources (NYSE:CXO) in a research note released on Wednesday, MarketBeat.com reports. The firm issued a buy rating and a $176.00 price objective on the oil and natural gas company’s stock.

CXO has been the subject of several other reports. SunTrust Banks upgraded Concho Resources from a hold rating to a buy rating and upped their price target for the stock from $155.00 to $170.00 in a research note on Monday, September 24th. Morgan Stanley restated a hold rating and issued a $178.00 price target (up from $163.00) on shares of Concho Resources in a research note on Friday, October 12th. Piper Jaffray Companies restated an overweight rating and issued a $193.00 price target on shares of Concho Resources in a research note on Friday, September 28th. TheStreet downgraded Concho Resources from a b rating to a c+ rating in a research note on Tuesday, August 14th. Finally, Jefferies Financial Group set a $203.00 price target on Concho Resources and gave the stock a buy rating in a research note on Friday, October 5th. Nine investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $179.12.

CXO stock opened at $122.41 on Wednesday. Concho Resources has a 1-year low of $117.74 and a 1-year high of $163.11. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $24.19 billion, a price-to-earnings ratio of 58.57, a price-to-earnings-growth ratio of 0.84 and a beta of 1.02.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 90.1% compared to the same quarter last year. On average, sell-side analysts expect that Concho Resources will post 4.97 EPS for the current fiscal year.

In related news, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the sale, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Rehmann Capital Advisory Group raised its holdings in Concho Resources by 108.6% during the 3rd quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after buying an additional 114 shares during the period. Marshall Wace North America L.P. raised its holdings in Concho Resources by 154.5% during the 3rd quarter. Marshall Wace North America L.P. now owns 14,363 shares of the oil and natural gas company’s stock valued at $2,194,000 after buying an additional 8,720 shares during the period. Vanguard Group Inc. raised its holdings in Concho Resources by 34.6% during the 3rd quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after buying an additional 5,380,400 shares during the period. Morgan Stanley raised its holdings in Concho Resources by 8.5% during the 3rd quarter. Morgan Stanley now owns 219,932 shares of the oil and natural gas company’s stock valued at $33,594,000 after buying an additional 17,251 shares during the period. Finally, Legal & General Group Plc raised its holdings in Concho Resources by 31.9% during the 3rd quarter. Legal & General Group Plc now owns 861,973 shares of the oil and natural gas company’s stock valued at $131,666,000 after buying an additional 208,278 shares during the period. Institutional investors own 94.29% of the company’s stock.

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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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