Seaport Global Securities Analysts Give Concho Resources (CXO) a $145.00 Price Target

Seaport Global Securities set a $145.00 price objective on Concho Resources (NYSE:CXO) in a research report sent to investors on Wednesday morning. The brokerage currently has a hold rating on the oil and natural gas company’s stock. Seaport Global Securities also issued estimates for Concho Resources’ FY2018 earnings at $4.58 EPS, Q1 2019 earnings at $1.13 EPS, Q3 2019 earnings at $1.51 EPS, Q4 2019 earnings at $1.71 EPS and FY2019 earnings at $5.55 EPS.

CXO has been the topic of a number of other reports. Morgan Stanley increased their price target on Concho Resources from $155.00 to $163.00 and gave the stock a hold rating in a report on Wednesday, September 26th. Jefferies Financial Group set a $203.00 price target on Concho Resources and gave the stock a buy rating in a report on Friday, October 5th. SunTrust Banks upgraded Concho Resources from a hold rating to a buy rating and increased their price target for the stock from $155.00 to $170.00 in a report on Monday, September 24th. ValuEngine upgraded Concho Resources from a hold rating to a buy rating in a report on Wednesday, September 19th. Finally, TheStreet upgraded Concho Resources from a c+ rating to a b rating in a report on Friday, September 28th. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Concho Resources presently has a consensus rating of Buy and a consensus price target of $181.08.

NYSE:CXO opened at $141.05 on Wednesday. The company has a market cap of $28.25 billion, a price-to-earnings ratio of 32.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.75. Concho Resources has a fifty-two week low of $123.63 and a fifty-two week high of $163.11.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The company’s revenue for the quarter was up 90.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, sell-side analysts expect that Concho Resources will post 4.82 EPS for the current year.

In related news, SVP Erick Nelson sold 11,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the transaction, the senior vice president now directly owns 51,058 shares in the company, valued at approximately $6,840,750.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven L. Beal sold 2,500 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the transaction, the director now owns 75,548 shares in the company, valued at $10,368,207.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,500 shares of company stock worth $2,376,320. 1.10% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of CXO. Millennium Management LLC bought a new position in shares of Concho Resources in the 2nd quarter worth $166,582,000. FMR LLC lifted its holdings in shares of Concho Resources by 16.2% in the 2nd quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after purchasing an additional 668,035 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Concho Resources by 31.7% in the 3rd quarter. American Century Companies Inc. now owns 2,208,094 shares of the oil and natural gas company’s stock worth $337,286,000 after purchasing an additional 532,106 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in shares of Concho Resources by 16,439.1% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock worth $54,413,000 after purchasing an additional 390,921 shares in the last quarter. Finally, Strs Ohio lifted its holdings in shares of Concho Resources by 2,550.7% in the 2nd quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock worth $40,523,000 after purchasing an additional 281,855 shares in the last quarter. Institutional investors own 77.59% of the company’s stock.

About Concho Resources

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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