Concho Resources (CXO) Downgraded by Zacks Investment Research
Concho Resources (NYSE:CXO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Concho Resources' core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. However, we remain concerned of the service cost inflation and the company’s lack of geographical diversification. Further, until the commodity prices rebound sufficiently, we believe investors should exhibit caution before accumulating shares.”
A number of other equities research analysts also recently commented on the company. Stifel Nicolaus set a $185.00 price objective on Concho Resources and gave the company a “buy” rating in a research report on Thursday, October 5th. Barclays lowered their price objective on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, August 8th. Morgan Stanley lifted their price objective on Concho Resources from $152.00 to $155.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Citigroup lowered their price objective on Concho Resources from $151.00 to $149.00 and set a “buy” rating for the company in a research report on Tuesday, August 15th. Finally, Cowen reaffirmed a “hold” rating and issued a $145.00 price objective on shares of Concho Resources in a research report on Sunday, October 22nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $153.89.
Concho Resources (NYSE:CXO) traded down $0.88 during trading on Wednesday, reaching $138.31. The company’s stock had a trading volume of 802,200 shares, compared to its average volume of 1,273,377. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $20,697.00, a P/E ratio of 83.85 and a beta of 1.09. Concho Resources has a one year low of $106.73 and a one year high of $147.77.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. Concho Resources’s revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. research analysts anticipate that Concho Resources will post 1.82 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of CXO. US Bancorp DE boosted its holdings in Concho Resources by 15.8% in the second quarter. US Bancorp DE now owns 7,176 shares of the oil and natural gas company’s stock valued at $872,000 after acquiring an additional 978 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Concho Resources by 137.2% in the second quarter. Janney Montgomery Scott LLC now owns 3,698 shares of the oil and natural gas company’s stock valued at $449,000 after acquiring an additional 2,139 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in Concho Resources by 8.4% in the second quarter. Candriam Luxembourg S.C.A. now owns 11,643 shares of the oil and natural gas company’s stock valued at $1,415,000 after acquiring an additional 899 shares during the last quarter. Korea Investment CORP boosted its holdings in Concho Resources by 29.0% in the second quarter. Korea Investment CORP now owns 80,497 shares of the oil and natural gas company’s stock valued at $9,783,000 after acquiring an additional 18,111 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its holdings in Concho Resources by 0.3% in the second quarter. Retirement Systems of Alabama now owns 71,838 shares of the oil and natural gas company’s stock valued at $8,730,000 after acquiring an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 94.55% of the company’s stock.
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About Concho Resources
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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