Equities research analysts expect Concho Resources Inc (NYSE:CXO) to report $865.06 million in sales for the current quarter, Zacks reports. Six analysts have provided estimates for Concho Resources’ earnings, with the lowest sales estimate coming in at $484.00 million and the highest estimate coming in at $973.00 million. Concho Resources posted sales of $1.13 billion in the same quarter last year, which suggests a negative year over year growth rate of 23.4%. The business is scheduled to report its next quarterly earnings report after the market closes on Wednesday, July 29th.
On average, analysts expect that Concho Resources will report full year sales of $3.53 billion for the current year, with estimates ranging from $2.72 billion to $3.87 billion. For the next year, analysts anticipate that the business will report sales of $3.33 billion, with estimates ranging from $2.93 billion to $4.04 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Concho Resources.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Thursday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.72. Concho Resources had a negative net margin of 210.59% and a positive return on equity of 3.89%. The company had revenue of $922.00 million during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business earned $0.72 earnings per share. The company’s revenue for the quarter was down 16.5% compared to the same quarter last year.
Several analysts recently weighed in on CXO shares. Zacks Investment Research cut shares of Concho Resources from a “buy” rating to a “hold” rating and set a $59.00 price objective on the stock. in a research note on Wednesday, May 27th. Citigroup raised shares of Concho Resources from a “neutral” rating to a “buy” rating and set a $76.00 price objective on the stock in a research note on Tuesday, May 5th. cut shares of Concho Resources from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 9th. Siebert Williams Shank reissued a “buy” rating and issued a $78.00 price objective on shares of Concho Resources in a research note on Tuesday, March 17th. Finally, Piper Sandler boosted their price objective on shares of Concho Resources from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Eight equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $85.04.
Shares of Concho Resources stock traded up $0.60 during trading on Tuesday, hitting $51.47. The company’s stock had a trading volume of 2,084,162 shares, compared to its average volume of 3,535,617. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.16 and a quick ratio of 2.14. Concho Resources has a 52 week low of $33.13 and a 52 week high of $104.88. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of -1.08, a price-to-earnings-growth ratio of 4.69 and a beta of 1.84. The stock has a 50-day moving average price of $57.05 and a two-hundred day moving average price of $64.74.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, May 8th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.80 annualized dividend and a dividend yield of 1.55%. Concho Resources’s dividend payout ratio is currently 26.23%.
In related news, Director Steven L. Beal sold 19,500 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $61.66, for a total value of $1,202,370.00. Following the sale, the director now owns 51,492 shares in the company, valued at approximately $3,174,996.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Concho Resources in the 1st quarter worth about $27,000. Sandy Spring Bank bought a new position in Concho Resources in the 1st quarter worth approximately $34,000. Meeder Asset Management Inc. boosted its holdings in Concho Resources by 2,515.1% in the 1st quarter. Meeder Asset Management Inc. now owns 1,386 shares of the oil and natural gas company’s stock worth $60,000 after buying an additional 1,333 shares during the period. Americana Partners LLC bought a new position in Concho Resources in the 4th quarter worth approximately $159,000. Finally, Osborn Williams & Donohoe LLC bought a new position in Concho Resources in the 1st quarter worth approximately $227,000. Institutional investors own 93.76% of the company’s stock.
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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