Concho Resources Inc (NYSE:CXO) Given Average Rating of “Buy” by Brokerages

Shares of Concho Resources Inc (NYSE:CXO) have earned a consensus recommendation of “Buy” from the twenty-nine analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $161.43.

CXO has been the topic of several analyst reports. Morgan Stanley raised shares of to an “overweight” rating and set a GBX 400 ($5.23) price target on the stock in a research report on Friday. Williams Capital reaffirmed a “hold” rating and set a $28.00 price target on shares of Cabot Oil & Gas in a research report on Sunday, April 21st. SunTrust Banks reaffirmed a “hold” rating and set a $60.00 price target on shares of Tripadvisor in a research report on Tuesday, June 11th. TheStreet raised shares of Patrick Industries from a “c+” rating to a “b-” rating in a research report on Monday, March 18th. Finally, Barclays reaffirmed a “hold” rating on shares of Mettler-Toledo International in a research report on Wednesday, May 15th.

CXO traded down $0.51 during trading on Friday, reaching $102.19. The company’s stock had a trading volume of 935,171 shares, compared to its average volume of 1,474,083. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.25. The stock has a fifty day simple moving average of $100.99. Concho Resources has a 1 year low of $93.31 and a 1 year high of $160.81. The company has a market capitalization of $20.50 billion, a P/E ratio of 22.26 and a beta of 1.16.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.73 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business earned $1.00 earnings per share. On average, equities analysts expect that Concho Resources will post 4.03 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, May 10th were issued a $0.125 dividend. The ex-dividend date was Thursday, May 9th. This represents a $0.50 annualized dividend and a yield of 0.49%. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.

In related news, Chairman Timothy A. Leach sold 54,545 shares of Concho Resources stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the completion of the sale, the chairman now owns 680,041 shares in the company, valued at approximately $74,355,682.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven D. Gray sold 7,000 shares of Concho Resources stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $120.00, for a total transaction of $840,000.00. Following the completion of the sale, the director now owns 179,039 shares of the company’s stock, valued at approximately $21,484,680. The disclosure for this sale can be found here. Insiders sold a total of 66,045 shares of company stock valued at $7,321,450 in the last quarter. 1.10% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Covington Capital Management grew its stake in shares of Concho Resources by 86.6% in the fourth quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 116 shares in the last quarter. First Hawaiian Bank grew its stake in shares of Concho Resources by 2,400.0% in the first quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 240 shares in the last quarter. PRW Wealth Management LLC acquired a new position in shares of Concho Resources in the fourth quarter worth $37,000. Valeo Financial Advisors LLC acquired a new position in shares of Concho Resources in the first quarter worth $50,000. Finally, Icon Wealth Partners LLC acquired a new position in shares of Concho Resources in the first quarter worth $57,000. Hedge funds and other institutional investors own 94.56% 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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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