Jefferies Group LLC Upgrades Concho Resources Inc. (CXO) to Buy

Concho Resources Inc. (NYSE:CXO) was upgraded by research analysts at Jefferies Group LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

CXO has been the topic of a number of other research reports. Royal Bank Of Canada set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, August 24th. Citigroup Inc. reduced their target price on Concho Resources from $168.00 to $166.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. BMO Capital Markets reiterated a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a research note on Thursday, June 22nd. BidaskClub upgraded Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $146.69.

Shares of Concho Resources (NYSE CXO) traded up 0.04% on Monday, hitting $134.96. 508,939 shares of the stock traded hands. The firm has a 50 day moving average price of $120.33 and a 200 day moving average price of $124.01. Concho Resources has a 52-week low of $106.73 and a 52-week high of $147.55. The firm has a market cap of $19.91 billion, a PE ratio of 31.32 and a beta of 1.13.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. During the same quarter in the prior year, the firm posted $0.26 EPS. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. On average, equities analysts forecast that Concho Resources will post $1.61 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Jefferies Group LLC Upgrades Concho Resources Inc. (CXO) to Buy” was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this report on another publication, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this report can be read at https://ledgergazette.com/2017/10/09/jefferies-group-llc-upgrades-concho-resources-inc-cxo-to-buy.html.

In related news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.99% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. C M Bidwell & Associates Ltd. boosted its holdings in Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after acquiring an additional 20 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Concho Resources by 1.0% in the second quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock worth $426,000 after acquiring an additional 35 shares in the last quarter. Cadence Capital Management LLC boosted its holdings in Concho Resources by 0.9% in the second quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock worth $639,000 after acquiring an additional 48 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Concho Resources by 2.5% in the second quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock worth $304,000 after acquiring an additional 60

CXO has been the topic of a number of other research reports. Royal Bank Of Canada set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, August 24th. Citigroup Inc. reduced their target price on Concho Resources from $168.00 to $166.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. BMO Capital Markets reiterated a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a research note on Thursday, June 22nd. BidaskClub upgraded Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $146.69.

Shares of Concho Resources (NYSE CXO) traded up 0.04% on Monday, hitting $134.96. 508,939 shares of the stock traded hands. The firm has a 50 day moving average price of $120.33 and a 200 day moving average price of $124.01. Concho Resources has a 52-week low of $106.73 and a 52-week high of $147.55. The firm has a market cap of $19.91 billion, a PE ratio of 31.32 and a beta of 1.13.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. During the same quarter in the prior year, the firm posted $0.26 EPS. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. On average, equities analysts forecast that Concho Resources will post $1.61 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Jefferies Group LLC Upgrades Concho Resources Inc. (CXO) to Buy” was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this report on another publication, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this report can be read at https://ledgergazette.com/2017/10/09/jefferies-group-llc-upgrades-concho-resources-inc-cxo-to-buy.html.

In related news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.99% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. C M Bidwell & Associates Ltd. boosted its holdings in Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after acquiring an additional 20 shares in the last quarter. Oppenheimer & Co. Inc. boosted its holdings in Concho Resources by 1.0% in the second quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock worth $426,000 after acquiring an additional 35 shares in the last quarter. Cadence Capital Management LLC boosted its holdings in Concho Resources by 0.9% in the second quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock worth $639,000 after acquiring an additional 48 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Concho Resources by 2.5% in the second quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock worth $304,000 after acquiring an additional 60 shares in the last quarter. Finally, Symphony Asset Management LLC boosted its holdings in Concho Resources by 2.5% in the second quarter. Symphony Asset Management LLC now owns 2,804 shares of the oil and natural gas company’s stock worth $341,000 after acquiring an additional 69 shares in the last quarter. 92.36% of the stock is owned by institutional investors and hedge funds.

Concho Resources Company Profile

Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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