Concho Resources (NYSE:CXO) was upgraded by analysts at SunTrust Banks from a “hold” rating to a “buy” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $66.00 price objective on the oil and natural gas company’s stock, up from their prior price objective of $60.00. SunTrust Banks’ target price points to a potential upside of 25.28% from the stock’s previous close.
A number of other research firms also recently commented on CXO. Piper Sandler increased 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. Mizuho cut Concho Resources from a “buy” rating to a “neutral” rating and increased their price target for the company from $68.00 to $69.00 in a research report on Friday, June 19th. Raymond James raised Concho Resources from an “outperform” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a research report on Monday, July 20th. downgraded Concho Resources from a “buy” rating to a “neutral” rating in a report on Tuesday, June 9th. Finally, Zacks Investment Research downgraded shares of Concho Resources from a “buy” rating to a “hold” rating and set a $59.00 target price on the stock. in a report on Wednesday, May 27th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Concho Resources currently has a consensus rating of “Buy” and a consensus target price of $83.96.
Shares of Concho Resources stock opened at $52.68 on Tuesday. The company has a market capitalization of $10.52 billion, a P/E ratio of -1.11, a price-to-earnings-growth ratio of 5.31 and a beta of 1.84. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.16 and a quick ratio of 2.14. The business has a 50-day moving average of $53.90 and a two-hundred day moving average of $60.66. Concho Resources has a 1 year low of $33.13 and a 1 year high of $99.42.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Thursday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.72. The company had revenue of $922.00 million for the quarter, compared to the consensus estimate of $1.06 billion. Concho Resources had a negative net margin of 210.59% and a positive return on equity of 3.89%. The firm’s revenue was down 16.5% compared to the same quarter last year. During the same period last year, the company earned $0.72 earnings per share. On average, equities analysts anticipate that Concho Resources will post 2.3 EPS for the current fiscal year.
In related news, Director Steven L. Beal sold 19,500 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $61.66, for a total transaction 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 accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp grew its position in Concho Resources by 2.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 156,320 shares of the oil and natural gas company’s stock valued at $6,698,000 after acquiring an additional 3,256 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Concho Resources by 22.5% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 26,100 shares of the oil and natural gas company’s stock valued at $1,118,000 after purchasing an additional 4,800 shares during the last quarter. State Street Corp lifted its stake in Concho Resources by 9.9% in the 1st quarter. State Street Corp now owns 11,167,125 shares of the oil and natural gas company’s stock valued at $478,511,000 after purchasing an additional 1,002,944 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Concho Resources by 18.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,273,445 shares of the oil and natural gas company’s stock valued at $97,417,000 after purchasing an additional 357,377 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Concho Resources in the first quarter valued at approximately $14,942,000. Institutional investors and hedge funds own 93.55% 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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