Northland Securities initiated coverage on shares of Concho Resources (NYSE:CXO) in a research note released on Monday morning, Benzinga reports. The firm issued an outperform rating and a $73.00 price target on the oil and natural gas company’s stock.

Several other brokerages also recently weighed in on CXO. downgraded shares of Concho Resources from a buy rating to a neutral rating in a research report on Tuesday, June 9th. Credit Suisse Group initiated coverage on shares of Concho Resources in a research report on Tuesday, August 4th. They issued a buy rating and a $70.00 price objective on the stock. Barclays cut their price objective on shares of Concho Resources from $77.00 to $74.00 and set an overweight rating on the stock in a research report on Wednesday, June 3rd. SunTrust Banks upgraded shares of Concho Resources from a hold rating to a buy rating and lifted their price objective for the company from $60.00 to $66.00 in a research report on Tuesday, July 28th. Finally, UBS Group raised their target price on shares of Concho Resources from $74.00 to $99.00 and gave the company a buy rating in a research note on Monday, June 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $77.17.

Concho Resources stock opened at $48.74 on Monday. The firm’s 50-day moving average is $50.41 and its 200-day moving average is $52.58. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.76 and a current ratio of 1.80. Concho Resources has a 1 year low of $33.13 and a 1 year high of $93.34. The company has a market cap of $9.59 billion, a P/E ratio of -0.99, a PEG ratio of 0.93 and a beta of 1.86.

Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.80. The firm had revenue of $474.00 million for the quarter, compared to the consensus estimate of $892.65 million. Concho Resources had a negative net margin of 256.19% and a positive return on equity of 5.27%. Concho Resources’s quarterly revenue was down 57.9% compared to the same quarter last year. During the same period last year, the firm posted $0.69 EPS. As a group, sell-side analysts predict that Concho Resources will post 4.1 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, August 7th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Thursday, August 6th. Concho Resources’s dividend payout ratio (DPR) is currently 26.23%.

In other news, CAO Jacob Gobar sold 2,070 shares of Concho Resources stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $50.58, for a total value of $104,700.60. Company insiders own 1.10% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Concho Resources in the first quarter worth $27,000. Signaturefd LLC lifted its stake in shares of Concho Resources by 53.3% in the second quarter. Signaturefd LLC now owns 618 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 215 shares during the last quarter. First Mercantile Trust Co. acquired a new stake in shares of Concho Resources in the second quarter worth $43,000. CKW Financial Group lifted its stake in shares of Concho Resources by 57.1% in the second quarter. CKW Financial Group now owns 1,100 shares of the oil and natural gas company’s stock worth $56,000 after buying an additional 400 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its stake in shares of Concho Resources by 59.5% in the second quarter. Orion Portfolio Solutions LLC now owns 1,139 shares of the oil and natural gas company’s stock worth $59,000 after buying an additional 425 shares during the last quarter. 90.60% of the stock is currently owned by institutional investors and hedge funds.

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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