Concho Resources Inc (NYSE:CXO) – Analysts at Mitsubishi UFJ Financial Group cut their Q3 2019 earnings estimates for shares of Concho Resources in a research report issued on Tuesday, October 8th. Mitsubishi UFJ Financial Group analyst M. Mcallister now expects that the oil and natural gas company will post earnings of $0.75 per share for the quarter, down from their prior forecast of $0.82. Mitsubishi UFJ Financial Group has a “Overweight” rating and a $116.00 price objective on the stock. Mitsubishi UFJ Financial Group also issued estimates for Concho Resources’ Q4 2019 earnings at $0.85 EPS, FY2019 earnings at $3.01 EPS, Q1 2020 earnings at $1.03 EPS, Q2 2020 earnings at $1.05 EPS, Q3 2020 earnings at $1.03 EPS, Q4 2020 earnings at $1.33 EPS, FY2020 earnings at $4.44 EPS and FY2021 earnings at $5.62 EPS.
Several other equities analysts also recently weighed in on the stock. ValuEngine upgraded shares of Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co reduced their target price on shares of Concho Resources from $105.00 to $104.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Credit Suisse Group reduced their target price on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 1st. Raymond James reduced their target price on shares of Concho Resources from $150.00 to $130.00 and set a “strong-buy” rating for the company in a research note on Friday, August 2nd. Finally, TD Securities reduced their target price on shares of Concho Resources from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $140.19.
CXO opened at $65.74 on Thursday. The company has a market capitalization of $12.46 billion, a price-to-earnings ratio of 14.32 and a beta of 1.20. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $70.10 and a 200-day moving average price of $93.38. Concho Resources has a twelve month low of $61.37 and a twelve month high of $153.38.
Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Concho Resources had a return on equity of 4.12% and a net margin of 11.63%. Concho Resources’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 EPS.
Large investors have recently modified their holdings of the stock. Mizuho Securities Co. Ltd. purchased a new position in Concho Resources during the second quarter valued at approximately $41,000. Crewe Advisors LLC bought a new stake in Concho Resources during the second quarter valued at approximately $51,000. Covington Capital Management lifted its position in Concho Resources by 81.2% during the second quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after purchasing an additional 224 shares during the last quarter. NEXT Financial Group Inc bought a new stake in Concho Resources during the second quarter valued at approximately $53,000. Finally, Valeo Financial Advisors LLC lifted its position in Concho Resources by 86.1% during the second quarter. Valeo Financial Advisors LLC now owns 845 shares of the oil and natural gas company’s stock valued at $87,000 after purchasing an additional 391 shares during the last quarter. 95.21% of the stock is owned by institutional investors.
In other news, President Jack F. Harper acquired 10,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $65.40 per share, with a total value of $654,000.00. Following the completion of the purchase, the president now owns 170,605 shares in the company, valued at $11,157,567. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brenda R. Schroer acquired 1,500 shares of Concho Resources stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $69.67 per share, with a total value of $104,505.00. Following the purchase, the chief financial officer now owns 35,137 shares of the company’s stock, valued at approximately $2,447,994.79. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 16,200 shares of company stock valued at $1,084,349. 1.10% of the stock is owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, August 9th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.50 annualized dividend and a yield of 0.76%. Concho Resources’s dividend payout ratio is currently 10.89%.
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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