Brokerages Expect Concho Resources Inc (NYSE:CXO) Will Announce Quarterly Sales of $1.13 Billion

Brokerages predict that Concho Resources Inc (NYSE:CXO) will announce $1.13 billion in sales for the current quarter, Zacks reports. Seven analysts have made estimates for Concho Resources’ earnings, with the lowest sales estimate coming in at $1.10 billion and the highest estimate coming in at $1.15 billion. Concho Resources posted sales of $1.07 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 5.6%. The firm is scheduled to announce its next earnings results on Tuesday, February 18th.

On average, analysts expect that Concho Resources will report full-year sales of $4.43 billion for the current fiscal year, with estimates ranging from $4.03 billion to $4.69 billion. For the next year, analysts anticipate that the firm will post sales of $4.81 billion, with estimates ranging from $4.66 billion to $4.92 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Concho Resources.

Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, October 29th. The oil and natural gas company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.05). The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Concho Resources had a return on equity of 3.24% and a net margin of 28.98%. The company’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 earnings per share.

Several brokerages have issued reports on CXO. Raymond James dropped their target price on Concho Resources from $130.00 to $90.00 and set a “strong-buy” rating on the stock in a research report on Thursday, October 17th. Stifel Nicolaus set a $188.00 target price on Concho Resources and gave the company a “buy” rating in a research report on Friday, August 2nd. KeyCorp dropped their target price on Concho Resources from $106.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. TD Securities dropped their target price on Concho Resources from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, September 4th. Finally, Barclays dropped their target price on Concho Resources from $165.00 to $141.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $122.96.

Several institutional investors have recently bought and sold shares of CXO. Signaturefd LLC boosted its position in shares of Concho Resources by 73.5% in the 3rd quarter. Signaturefd LLC now owns 406 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 172 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in Concho Resources during the 2nd quarter worth about $41,000. Usca Ria LLC acquired a new stake in Concho Resources during the 3rd quarter worth about $44,000. Crewe Advisors LLC acquired a new stake in Concho Resources during the 2nd quarter worth about $51,000. Finally, Covington Capital Management lifted its position in Concho Resources by 81.2% during the 2nd quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock worth $52,000 after acquiring an additional 224 shares during the period. 94.86% of the stock is owned by hedge funds and other institutional investors.

NYSE CXO traded up $1.54 during midday trading on Thursday, hitting $73.16. 1,087,200 shares of the company traded hands, compared to its average volume of 1,930,564. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.51 and a quick ratio of 1.48. The company has a market cap of $14.40 billion, a PE ratio of 15.94 and a beta of 1.23. The company’s 50-day simple moving average is $67.08 and its 200-day simple moving average is $85.74. Concho Resources has a 52 week low of $61.37 and a 52 week high of $139.99.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 8th will be given a $0.125 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.68%. Concho Resources’s payout ratio is 10.89%.

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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