SunTrust Banks Comments on Concho Resources Inc.’s FY2018 Earnings (CXO)

Concho Resources Inc. (NYSE:CXO) – Research analysts at SunTrust Banks boosted their FY2018 earnings per share estimates for shares of Concho Resources in a report issued on Wednesday. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings per share of $2.37 for the year, up from their previous forecast of $2.17. SunTrust Banks also issued estimates for Concho Resources’ FY2019 earnings at $3.75 EPS and FY2020 earnings at $5.73 EPS.

Several other analysts have also recently issued reports on CXO. Credit Suisse Group set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Saturday, May 6th. ValuEngine raised Concho Resources from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reissued a “buy” rating and set a $178.00 price target on shares of Concho Resources in a research note on Friday, May 12th. Piper Jaffray Companies reissued an “overweight” rating and set a $172.00 price target (up from $171.00) on shares of Concho Resources in a research note on Wednesday, May 17th. Finally, KLR Group reissued a “buy” rating and set a $189.00 price target (up from $176.00) on shares of Concho Resources in a research note on Wednesday, February 22nd. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $163.11.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

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Shares of Concho Resources (CXO) traded up 0.556% during mid-day trading on Monday, hitting $123.925. The stock had a trading volume of 385,686 shares. Concho Resources has a 12 month low of $114.33 and a 12 month high of $147.55. The company has a market cap of $18.23 billion, a PE ratio of 85.289 and a beta of 1.03. The stock’s 50-day moving average is $128.55 and its 200 day moving average is $133.17.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.18. The firm had revenue of $612 million during the quarter, compared to the consensus estimate of $607.71 million. Concho Resources had a return on equity of 2.44% and a net margin of 10.60%. The company’s revenue for the quarter was up 115.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS.

In related news, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total transaction of $32,400.00. 1.20% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Concho Resources by 5.9% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 19,206 shares of the oil and natural gas company’s stock worth $2,465,000 after buying an additional 1,069 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Concho Resources by 13.7% in the first quarter. Public Employees Retirement System of Ohio now owns 102,421 shares of the oil and natural gas company’s stock worth $13,145,000 after buying an additional 12,346 shares in the last quarter. Achmea Investment Management B.V. acquired a new stake in shares of Concho Resources during the first quarter worth about $522,000. Bank of Nova Scotia raised its stake in shares of Concho Resources by 938.3% in the first quarter. Bank of Nova Scotia now owns 33,921 shares of the oil and natural gas company’s stock worth $4,353,000 after buying an additional 30,654 shares in the last quarter. Finally, TPH Asset Management LLC raised its stake in shares of Concho Resources by 17.8% in the first quarter. TPH Asset Management LLC now owns 71,356 shares of the oil and natural gas company’s stock worth $9,158,000 after buying an additional 10,761 shares in the last quarter. 93.17% of the stock is owned by hedge funds and other institutional investors.

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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