Concho Resources Inc. (CXO) Rating Increased to Buy at Zacks Investment Research

Concho Resources Inc. (NYSE:CXO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $149.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.70% from the stock’s previous close.

According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +8% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”

Other equities analysts have also recently issued research reports about the stock. Citigroup Inc. decreased their price target on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Scotiabank set a $125.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC set a $140.00 price target on shares of Concho Resources and gave the company a “hold” rating in a research report on Wednesday, July 19th. Cowen and Company set a $145.00 price target on shares of Concho Resources and gave the company a “hold” rating in a research report on Tuesday, July 18th. Finally, BidaskClub cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $150.94.

Concho Resources (NYSE CXO) traded down 0.4546% during mid-day trading on Monday, reaching $132.7836. The company’s stock had a trading volume of 550,482 shares. The company’s 50-day moving average price is $124.40 and its 200 day moving average price is $124.27. The firm has a market capitalization of $19.59 billion, a price-to-earnings ratio of 30.8154 and a beta of 1.13. Concho Resources has a 52 week low of $106.73 and a 52 week high of $147.55.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The company had revenue of $567.00 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter last year, the company posted $0.26 EPS. The firm’s revenue was up 43.2% compared to the same quarter last year. On average, equities analysts forecast that Concho Resources will post $1.60 earnings per share for the current fiscal year.

WARNING: “Concho Resources Inc. (CXO) Rating Increased to Buy at Zacks Investment Research” was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this piece on another publication, it was copied illegally and reposted in violation of U.S. and international trademark & copyright legislation. The original version of this piece can be read at https://ledgergazette.com/2017/10/16/concho-resources-inc-cxo-rating-increased-to-buy-at-zacks-investment-research.html.

In related news, VP E Joseph Wright sold 16,696 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the sale, the vice president now directly 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 this hyperlink. 0.99% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CXO. Stifel Financial Corp lifted its position in Concho Resources by 90.9% in the first quarter. Stifel Financial Corp now owns 6,886 shares of the oil and natural gas company’s stock valued at $883,000 after acquiring an additional 3,279 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Concho Resources by 4.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 4,710 shares of the oil and natural gas company’s stock valued at $604,000 after acquiring an additional 190 shares during the last quarter. Teachers Advisors LLC lifted its position in Concho Resources by 2.0% in the first quarter. Teachers Advisors LLC now owns 1,115,127 shares of the oil and natural gas company’s stock valued at $143,115,000 after acquiring an additional 21,671 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Concho Resources by 2.8% in the first quarter. PNC Financial Services Group Inc. now owns 8,589 shares of the oil and natural gas company’s stock valued at $1,103,000 after acquiring an additional 232 shares during the last quarter. Finally, Global X Management Co. LLC lifted its position in Concho Resources by 13.7% in the first quarter. Global X Management Co. LLC now owns 3,583 shares of the oil and natural gas company’s stock valued at $460,000 after acquiring an additional 431 shares during the last quarter. 92.35% of the stock is owned by hedge funds and other institutional investors.

According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained +8% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just +4% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”

Other equities analysts have also recently issued research reports about the stock. Citigroup Inc. decreased their price target on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Scotiabank set a $125.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC set a $140.00 price target on shares of Concho Resources and gave the company a “hold” rating in a research report on Wednesday, July 19th. Cowen and Company set a $145.00 price target on shares of Concho Resources and gave the company a “hold” rating in a research report on Tuesday, July 18th. Finally, BidaskClub cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $150.94.

Concho Resources (NYSE CXO) traded down 0.4546% during mid-day trading on Monday, reaching $132.7836. The company’s stock had a trading volume of 550,482 shares. The company’s 50-day moving average price is $124.40 and its 200 day moving average price is $124.27. The firm has a market capitalization of $19.59 billion, a price-to-earnings ratio of 30.8154 and a beta of 1.13. Concho Resources has a 52 week low of $106.73 and a 52 week high of $147.55.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The company had revenue of $567.00 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter last year, the company posted $0.26 EPS. The firm’s revenue was up 43.2% compared to the same quarter last year. On average, equities analysts forecast that Concho Resources will post $1.60 earnings per share for the current fiscal year.

WARNING: “Concho Resources Inc. (CXO) Rating Increased to Buy at Zacks Investment Research” was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this piece on another publication, it was copied illegally and reposted in violation of U.S. and international trademark & copyright legislation. The original version of this piece can be read at https://ledgergazette.com/2017/10/16/concho-resources-inc-cxo-rating-increased-to-buy-at-zacks-investment-research.html.

In related news, VP E Joseph Wright sold 16,696 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the sale, the vice president now directly 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 this hyperlink. 0.99% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CXO. Stifel Financial Corp lifted its position in Concho Resources by 90.9% in the first quarter. Stifel Financial Corp now owns 6,886 shares of the oil and natural gas company’s stock valued at $883,000 after acquiring an additional 3,279 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Concho Resources by 4.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 4,710 shares of the oil and natural gas company’s stock valued at $604,000 after acquiring an additional 190 shares during the last quarter. Teachers Advisors LLC lifted its position in Concho Resources by 2.0% in the first quarter. Teachers Advisors LLC now owns 1,115,127 shares of the oil and natural gas company’s stock valued at $143,115,000 after acquiring an additional 21,671 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Concho Resources by 2.8% in the first quarter. PNC Financial Services Group Inc. now owns 8,589 shares of the oil and natural gas company’s stock valued at $1,103,000 after acquiring an additional 232 shares during the last quarter. Finally, Global X Management Co. LLC lifted its position in Concho Resources by 13.7% in the first quarter. Global X Management Co. LLC now owns 3,583 shares of the oil and natural gas company’s stock valued at $460,000 after acquiring an additional 431 shares during the last quarter. 92.35% of the stock is owned by hedge funds and other institutional investors.

About Concho Resources

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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