Concho Resources (NYSE:CXO) Downgraded by Morgan Stanley

Morgan Stanley cut shares of Concho Resources (NYSE:CXO) from an overweight rating to an underweight rating in a research report report published on Tuesday, BenzingaRatingsTable reports. The firm currently has $64.00 target price on the oil and natural gas company’s stock, down from their previous target price of $131.00.

Other equities research analysts have also recently issued research reports about the company. Barclays increased their target price on Concho Resources from $161.00 to $165.00 and gave the company an overweight rating in a report on Wednesday, May 15th. Susquehanna Bancshares lowered their target price on Concho Resources from $150.00 to $143.00 and set a positive rating on the stock in a report on Wednesday, June 19th. Bank of America lowered their target price on Concho Resources from $145.00 to $136.00 and set a buy rating on the stock in a report on Thursday, August 1st. Williams Capital reiterated a buy rating and set a $155.00 target price (down previously from $171.00) on shares of Concho Resources in a report on Thursday, August 1st. Finally, Citigroup began coverage on Concho Resources in a report on Tuesday, April 9th. They set a buy rating and a $112.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $150.08.

Shares of NYSE:CXO opened at $71.91 on Tuesday. The company’s fifty day moving average is $95.64. The firm has a market cap of $13.67 billion, a PE ratio of 15.67 and a beta of 1.15. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. Concho Resources has a one year low of $63.92 and a one year high of $160.81.

Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.05). The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. Concho Resources’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 EPS. As a group, equities analysts anticipate that Concho Resources will post 3.3 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 9th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Thursday, August 8th. Concho Resources’s payout ratio is currently 10.89%.

In other news, Director Susan J. Helms bought 700 shares of Concho Resources stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average price of $70.12 per share, for a total transaction of $49,084.00. Following the completion of the acquisition, the director now owns 5,137 shares of the company’s stock, valued at $360,206.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jack F. Harper bought 10,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price of $65.40 per share, for a total transaction of $654,000.00. Following the acquisition, the president now directly owns 170,605 shares of the company’s stock, valued at approximately $11,157,567. The disclosure for this purchase can be found here. Insiders purchased 12,700 shares of company stock worth $842,884 in the last quarter. 1.10% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of CXO. JPMorgan Chase & Co. raised its position in Concho Resources by 6.3% in the second quarter. JPMorgan Chase & Co. now owns 4,940,038 shares of the oil and natural gas company’s stock valued at $503,093,000 after purchasing an additional 290,671 shares during the period. Geode Capital Management LLC raised its position in Concho Resources by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 2,548,154 shares of the oil and natural gas company’s stock valued at $261,459,000 after purchasing an additional 181,294 shares during the period. American Century Companies Inc. raised its position in Concho Resources by 20.1% in the first quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock valued at $273,580,000 after purchasing an additional 412,726 shares during the period. Northern Trust Corp raised its position in Concho Resources by 0.9% in the first quarter. Northern Trust Corp now owns 2,330,088 shares of the oil and natural gas company’s stock valued at $258,546,000 after purchasing an additional 21,749 shares during the period. Finally, FIL Ltd raised its position in Concho Resources by 11.8% in the first quarter. FIL Ltd now owns 1,716,909 shares of the oil and natural gas company’s stock valued at $190,508,000 after purchasing an additional 181,581 shares during the period. Hedge funds and other institutional investors own 94.56% 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.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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