Q1 2021 EPS Estimates for Concho Resources Inc (NYSE:CXO) Increased by Analyst

Concho Resources Inc (NYSE:CXO) – Analysts at SunTrust Banks increased their Q1 2021 earnings estimates for shares of Concho Resources in a research report issued on Tuesday, July 28th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will earn ($0.01) per share for the quarter, up from their previous estimate of ($0.13). SunTrust Banks has a “Buy” rating and a $66.00 price target on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q2 2021 earnings at $0.08 EPS, Q3 2021 earnings at $0.18 EPS, Q4 2021 earnings at $0.26 EPS and FY2021 earnings at $0.51 EPS.

Several other research firms have also weighed in on CXO. R. F. Lafferty assumed coverage on Concho Resources in a research note on Wednesday, June 3rd. They set a “buy” rating and a $68.00 price objective for the company. Barclays reduced their price objective on Concho Resources from $77.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, June 3rd. Seaport Global Securities assumed coverage on Concho Resources in a research note on Monday, July 27th. They set a “buy” rating and a $70.00 price objective for the company. UBS Group raised their price objective on Concho Resources from $74.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, Bank of America raised Concho Resources from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, June 22nd. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and an average target price of $83.96.

CXO opened at $52.54 on Friday. The firm has a market cap of $9.98 billion, a PE ratio of -1.07, a P/E/G ratio of 5.10 and a beta of 1.84. The company has a quick ratio of 2.14, a current ratio of 1.80 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $52.68 and a 200-day simple moving average of $59.89. Concho Resources has a fifty-two week low of $33.13 and a fifty-two week high of $99.42.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.80. Concho Resources had a positive return on equity of 5.27% and a negative net margin of 256.19%. The company had revenue of $474.00 million for the quarter, compared to analysts’ expectations of $892.65 million. During the same period last year, the firm earned $0.69 EPS. The firm’s revenue for the quarter was down 57.9% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.52%. Concho Resources’s dividend payout ratio is 26.23%.

In related news, Director Steven L. Beal sold 19,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $61.66, for a total transaction of $1,202,370.00. Following the completion of the sale, the director now directly owns 51,492 shares in the company, valued at $3,174,996.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Concho Resources by 1.9% during the first quarter. BlackRock Inc. now owns 14,361,546 shares of the oil and natural gas company’s stock valued at $615,393,000 after buying an additional 268,830 shares in the last quarter. State Street Corp raised its holdings in Concho Resources by 9.9% during the first 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 buying an additional 1,002,944 shares in the last quarter. Wellington Management Group LLP raised its holdings in Concho Resources by 14.6% during the first quarter. Wellington Management Group LLP now owns 5,073,078 shares of the oil and natural gas company’s stock valued at $217,380,000 after buying an additional 645,500 shares in the last quarter. Geode Capital Management LLC raised its holdings in Concho Resources by 2.2% during the first quarter. Geode Capital Management LLC now owns 3,240,310 shares of the oil and natural gas company’s stock valued at $138,586,000 after buying an additional 69,043 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Concho Resources by 18.7% during the first 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 buying an additional 357,377 shares in the last quarter. Institutional investors own 93.55% 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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Earnings History and Estimates for Concho Resources (NYSE:CXO)

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