Morgan Stanley upgraded shares of Concho Resources (NYSE:CXO) from an equal weight rating to an overweight rating in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has $151.00 price objective on the oil and natural gas company’s stock, down from their prior price objective of $163.00.

Several other equities research analysts have also recently weighed in on CXO. SunTrust Banks upgraded Concho Resources from a hold rating to a buy rating and upped their target price for the stock from $155.00 to $170.00 in a research note on Monday, September 24th. Raymond James set a $185.00 price objective on shares of Concho Resources and gave the stock a buy cxo rating in a research report on Monday, December 24th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $193.00 price target on shares of Concho Resources in a research report on Friday, September 28th. TheStreet lowered shares of Concho Resources from a b- rating to a c+ rating in a research note on Wednesday, November 14th. Finally, Jefferies Financial Group set a $203.00 price objective on shares of Concho Resources and gave the company a buy rating in a research note on Friday, October 5th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $175.68.

Shares of NYSE CXO traded down $1.88 during midday trading on Wednesday, hitting $120.45. The stock had a trading volume of 1,369,295 shares, compared to its average volume of 1,889,699. The stock has a market capitalization of $24.62 billion, a P/E ratio of 57.63, a price-to-earnings-growth ratio of 0.81 and a beta of 1.21. Concho Resources has a fifty-two week low of $93.31 and a fifty-two week high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The company’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts forecast that Concho Resources will post 4.92 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Capital World Investors lifted its holdings in shares of Concho Resources by 18.6% in the third quarter. Capital World Investors now owns 21,979,324 shares of the oil and natural gas company’s stock valued at $3,357,342,000 after buying an additional 3,450,629 shares during the period. Vanguard Group Inc. boosted its stake in shares of 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 worth $3,199,583,000 after acquiring an additional 5,380,400 shares in the last quarter. Vanguard Group Inc boosted its stake 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 purchasing an additional 5,380,400 shares during the period. Capital Research Global Investors lifted its position in shares of Concho Resources by 8.2% in the 3rd quarter. Capital Research Global Investors now owns 18,785,086 shares of the oil and natural gas company’s stock worth $2,869,422,000 after acquiring an additional 1,416,319 shares during the period. Finally, BlackRock Inc. lifted its position in shares of Concho Resources by 33.2% in the 3rd quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock worth $2,029,458,000 after acquiring an additional 3,315,173 shares during the period. Institutional investors own 94.24% 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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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