Concho Resources (CXO) Receives “Buy” Rating from Jefferies Financial Group
Jefferies Financial Group reiterated their buy rating on shares of Concho Resources (NYSE:CXO) in a research note published on Tuesday morning. They currently have a $205.00 price objective on the oil and natural gas company’s stock. 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.
Other equities analysts have also issued reports about the company. Stifel Nicolaus reaffirmed a buy rating and issued a $208.00 price objective on shares of Concho Resources in a research note on Thursday, August 30th. Morgan Stanley set a $155.00 price target on Concho Resources and gave the stock a hold rating in a research report on Thursday, August 16th. Williams Capital reissued a buy rating and set a $189.00 price target on shares of Concho Resources in a research report on Monday, July 23rd. Susquehanna Bancshares started coverage on Concho Resources in a research report on Wednesday, July 11th. They set a positive rating and a $175.00 price target on the stock. Finally, Seaport Global Securities set a $145.00 price target on Concho Resources and gave the stock a hold rating in a research report on Wednesday, October 31st. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $181.00.
Shares of NYSE CXO traded up $0.27 during midday trading on Tuesday, hitting $136.52. The stock had a trading volume of 1,399,589 shares, compared to its average volume of 1,788,761. The firm has a market capitalization of $28.62 billion, a P/E ratio of 65.32 and a beta of 1.00. Concho Resources has a 1-year low of $123.63 and a 1-year high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.53.
In other Concho Resources news, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total transaction of $343,100.00. Following the sale, the director now directly owns 75,548 shares in the company, valued at approximately $10,368,207.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Erick Nelson sold 11,000 shares of Concho Resources stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the sale, the senior vice president now owns 51,058 shares in the company, valued at $6,840,750.84. The disclosure for this sale can be found here. Insiders have sold a total of 17,500 shares of company stock worth $2,376,320 over the last 90 days. 1.10% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Concho Resources by 23.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,218 shares of the oil and natural gas company’s stock worth $6,907,000 after purchasing an additional 8,515 shares during the last quarter. FMR LLC increased its holdings in shares of Concho Resources by 2.4% in the 3rd quarter. FMR LLC now owns 4,904,659 shares of the oil and natural gas company’s stock valued at $749,186,000 after acquiring an additional 113,875 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of Concho Resources by 317.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 9,909 shares of the oil and natural gas company’s stock valued at $1,514,000 after acquiring an additional 7,537 shares during the last quarter. FIL Ltd increased its holdings in shares of Concho Resources by 91.8% in the 3rd quarter. FIL Ltd now owns 1,297,215 shares of the oil and natural gas company’s stock valued at $198,149,000 after acquiring an additional 620,955 shares during the last quarter. Finally, American International Group Inc. increased its holdings in shares of Concho Resources by 40.1% in the 3rd quarter. American International Group Inc. now owns 77,005 shares of the oil and natural gas company’s stock valued at $11,763,000 after acquiring an additional 22,053 shares during the last quarter. Institutional investors own 77.84% of the company’s stock.
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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