Concho Resources (NYSE:CXO) Given New $104.00 Price Target at Wells Fargo & Co

Concho Resources (NYSE:CXO) had its target price reduced by Wells Fargo & Co from $105.00 to $104.00 in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. They currently have an outperform rating on the oil and natural gas company’s stock.

Several other equities analysts have also weighed in on the stock. Credit Suisse Group cut their target price on shares of Concho Resources from $120.00 to $105.00 and set a neutral rating for the company in a report on Thursday, August 1st. Morgan Stanley lifted their target price on shares of Concho Resources from $66.00 to $68.00 and gave the company an underweight rating in a report on Wednesday, September 4th. Raymond James cut their target price on shares of Concho Resources from $150.00 to $130.00 and set a strong-buy rating for the company in a report on Friday, August 2nd. Mitsubishi UFJ Financial Group cut their target price on shares of Concho Resources from $121.00 to $116.00 and set an overweight rating for the company in a report on Tuesday, September 3rd. Finally, Johnson Rice lowered shares of Concho Resources from a buy rating to a hold rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $140.42.

NYSE:CXO opened at $72.91 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.61 and a quick ratio of 0.59. The firm has a market cap of $14.61 billion, a price-to-earnings ratio of 15.88 and a beta of 1.24. The company has a 50 day moving average price of $71.85 and a 200-day moving average price of $96.78. Concho Resources has a 1-year low of $63.92 and a 1-year high of $160.81.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. Concho Resources’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period last year, the firm earned $1.24 earnings per share. On average, sell-side analysts anticipate that Concho Resources will post 3.11 earnings per share for the current fiscal year.

The business also recently declared 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 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, August 8th. Concho Resources’s payout ratio is presently 10.89%.

In related news, President Jack F. Harper purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $65.40 per share, with a total value of $654,000.00. Following the acquisition, the president now owns 170,605 shares in the company, valued at $11,157,567. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brenda R. Schroer purchased 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $69.67 per share, with a total value of $104,505.00. Following the acquisition, the chief financial officer now owns 35,137 shares in the company, valued at approximately $2,447,994.79. The disclosure for this purchase can be found here. In the last three months, insiders purchased 16,200 shares of company stock valued at $1,084,349. 1.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. River & Mercantile Asset Management LLP acquired a new position in shares of Concho Resources during the 2nd quarter valued at about $483,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Concho Resources by 4.9% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 38,908 shares of the oil and natural gas company’s stock valued at $4,015,000 after acquiring an additional 1,818 shares during the last quarter. Hancock Whitney Corp acquired a new position in shares of Concho Resources during the 2nd quarter valued at about $422,000. Treasurer of the State of North Carolina boosted its position in shares of Concho Resources by 4.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 100,998 shares of the oil and natural gas company’s stock valued at $10,421,000 after acquiring an additional 4,298 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Concho Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 13,655,162 shares of the oil and natural gas company’s stock valued at $1,408,940,000 after acquiring an additional 189,393 shares during the last quarter. 95.21% of the stock is currently owned by institutional investors.

About Concho Resources

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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