Concho Resources Inc (NYSE:CXO) – Analysts at Seaport Global Securities decreased their Q1 2019 earnings per share (EPS) estimates for Concho Resources in a research report issued on Wednesday, May 23rd. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings per share of $0.52 for the quarter, down from their prior estimate of $1.26. Seaport Global Securities also issued estimates for Concho Resources’ Q2 2019 earnings at $0.82 EPS, Q4 2019 earnings at $1.79 EPS and FY2019 earnings at $4.52 EPS.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.19. The company had revenue of $947.00 million during the quarter, compared to analyst estimates of $808.60 million. Concho Resources had a net margin of 39.06% and a return on equity of 4.34%. Concho Resources’s revenue for the quarter was up 54.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 earnings per share.
Other analysts have also issued reports about the stock. Sanford C. Bernstein assumed coverage on shares of Concho Resources in a report on Thursday, February 1st. They issued an “outperform” rating and a $187.00 price objective for the company. Stifel Nicolaus set a $196.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, April 24th. JPMorgan Chase & Co. set a $180.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, May 15th. ValuEngine lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a report on Thursday, May 17th. Finally, Mitsubishi UFJ Financial Group restated an “overweight” rating on shares of Concho Resources in a report on Wednesday, February 21st. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $172.41.
Shares of CXO opened at $139.57 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 0.24. Concho Resources has a one year low of $106.73 and a one year high of $163.11. The stock has a market capitalization of $21.41 billion, a price-to-earnings ratio of 66.78 and a beta of 0.99.
Several hedge funds and other institutional investors have recently made changes to their positions in CXO. Bank of Montreal Can increased its position in shares of Concho Resources by 10.7% during the fourth quarter. Bank of Montreal Can now owns 71,123 shares of the oil and natural gas company’s stock valued at $10,684,000 after acquiring an additional 6,876 shares in the last quarter. Creative Planning increased its position in shares of Concho Resources by 154.2% during the fourth quarter. Creative Planning now owns 6,852 shares of the oil and natural gas company’s stock valued at $1,029,000 after acquiring an additional 4,157 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Concho Resources by 7.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 517,867 shares of the oil and natural gas company’s stock valued at $77,794,000 after acquiring an additional 34,958 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Concho Resources by 92.7% during the fourth quarter. State of Alaska Department of Revenue now owns 17,236 shares of the oil and natural gas company’s stock valued at $2,589,000 after acquiring an additional 8,290 shares in the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in shares of Concho Resources during the fourth quarter valued at approximately $512,000. 97.16% of the stock is owned by institutional investors and hedge funds.
Concho Resources Company Profile
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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