Shares of Concho Resources Inc (NYSE:CXO) have received an average recommendation of “Buy” from the twenty-nine analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $163.22.
Several equities research analysts have recently weighed in on CXO shares. TheStreet raised Concho Resources from a “c” rating to a “b-” rating in a research report on Tuesday, February 19th. Barclays set a $153.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, April 11th. Morgan Stanley decreased their target price on Concho Resources from $154.00 to $135.00 and set an “overweight” rating for the company in a research report on Thursday, February 21st. MKM Partners decreased their target price on Concho Resources from $161.00 to $150.00 and set a “buy” rating for the company in a research report on Thursday, February 21st. Finally, Citigroup started coverage on Concho Resources in a research report on Tuesday, April 9th. They issued a “buy” rating and a $112.00 target price for the company.
CXO stock opened at $100.17 on Tuesday. Concho Resources has a 12-month low of $93.31 and a 12-month high of $160.81. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock has a market cap of $20.13 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 0.78 and a beta of 1.19.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the company earned $1.00 EPS. Concho Resources’s quarterly revenue was up 16.6% on a year-over-year basis. On average, research analysts anticipate that Concho Resources will post 4.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Thursday, May 9th. Concho Resources’s payout ratio is currently 10.89%.
In other Concho Resources news, Director Steven D. Gray sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $120.00, for a total transaction of $840,000.00. Following the sale, the director now owns 179,039 shares in the company, valued at $21,484,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Gray sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $115.00, for a total value of $517,500.00. Following the sale, the director now owns 186,039 shares in the company, valued at approximately $21,394,485. The disclosure for this sale can be found here. Insiders have sold 66,045 shares of company stock worth $7,321,450 in the last 90 days. 1.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CXO. Vanguard Group Inc raised its position 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 purchasing an additional 5,380,400 shares during the period. BlackRock Inc. raised its position in shares of Concho Resources by 2.6% during the 4th quarter. BlackRock Inc. now owns 13,635,329 shares of the oil and natural gas company’s stock worth $1,401,577,000 after purchasing an additional 349,182 shares during the period. Geode Capital Management LLC raised its position in shares of Concho Resources by 6.7% during the 1st quarter. Geode Capital Management LLC now owns 2,718,631 shares of the oil and natural gas company’s stock worth $301,121,000 after purchasing an additional 170,477 shares during the period. American Century Companies Inc. raised its position in shares of Concho Resources by 20.1% during the 1st quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock worth $273,580,000 after purchasing an additional 412,726 shares during the period. Finally, Northern Trust Corp raised its position in shares of Concho Resources by 0.9% during the 1st quarter. Northern Trust Corp now owns 2,330,088 shares of the oil and natural gas company’s stock worth $258,546,000 after purchasing an additional 21,749 shares during the period. Hedge funds and other institutional investors own 94.60% of the company’s stock.
About Concho Resources
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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