Wall Street analysts expect Concho Resources Inc (NYSE:CXO) to announce $1.15 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Concho Resources’ earnings, with estimates ranging from $1.13 billion to $1.17 billion. Concho Resources posted sales of $1.07 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 7.5%. The firm is expected to issue its next quarterly earnings results after the market closes on Tuesday, February 18th.
According to Zacks, analysts expect that Concho Resources will report full year sales of $4.53 billion for the current financial year, with estimates ranging from $4.43 billion to $4.70 billion. For the next financial year, analysts expect that the business will post sales of $4.92 billion, with estimates ranging from $4.83 billion to $5.01 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Concho Resources.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.05). Concho Resources had a return on equity of 3.24% and a net margin of 28.98%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the business earned $1.42 EPS. The firm’s revenue for the quarter was down 6.5% compared to the same quarter last year.
Several research analysts have recently issued reports on CXO shares. Guggenheim started coverage on shares of Concho Resources in a research note on Monday, January 6th. They issued a “buy” rating and a $105.00 target price on the stock. SunTrust Banks raised their target price on shares of Concho Resources from $70.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. Williams Capital reaffirmed a “buy” rating and issued a $100.00 target price on shares of Concho Resources in a research note on Wednesday, October 30th. ValuEngine raised shares of Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, KeyCorp raised their target price on shares of Concho Resources from $95.00 to $99.00 and gave the company an “overweight” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Concho Resources currently has an average rating of “Buy” and an average target price of $115.86.
A number of institutional investors have recently added to or reduced their stakes in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new position in Concho Resources in the fourth quarter valued at approximately $32,000. Signaturefd LLC lifted its stake in Concho Resources by 73.5% in the third quarter. Signaturefd LLC now owns 406 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 172 shares in the last quarter. Huntington National Bank bought a new position in Concho Resources in the fourth quarter valued at approximately $44,000. Covington Capital Management lifted its stake in Concho Resources by 81.2% in the second quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after buying an additional 224 shares in the last quarter. Finally, Usca Ria LLC bought a new position in Concho Resources in the third quarter valued at approximately $44,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:CXO traded down $1.62 during midday trading on Wednesday, hitting $82.55. 2,330,686 shares of the company’s stock traded hands, compared to its average volume of 1,740,955. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.48 and a current ratio of 1.51. Concho Resources has a twelve month low of $61.37 and a twelve month high of $124.53. The firm’s fifty day moving average price is $85.23 and its two-hundred day moving average price is $77.64. The company has a market cap of $16.92 billion, a PE ratio of 12.98 and a beta of 1.35.
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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