Concho Resources Inc. (NYSE:CXO) Rating Reiterated by Stifel Nicolaus

Concho Resources Inc. (NYSE:CXO)‘s stock had its “buy” rating reiterated by equities researchers at Stifel Nicolaus in a research report issued on Friday. They presently have a $192.00 price objective on the oil and natural gas company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 52.36% from the stock’s previous close.

Several other brokerages also recently commented on CXO. BMO Capital Markets reissued a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a report on Monday, May 15th. Jefferies Group LLC set a $140.00 target price on Concho Resources and gave the stock a “hold” rating in a report on Wednesday, May 17th. Piper Jaffray Companies reissued an “overweight” rating and issued a $172.00 target price (up from $171.00) on shares of Concho Resources in a report on Wednesday, May 17th. Royal Bank Of Canada reissued a “buy” rating and issued a $178.00 target price on shares of Concho Resources in a report on Friday, May 12th. Finally, Credit Suisse Group set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a report on Saturday, May 6th. Eleven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $155.30.

Shares of Concho Resources (NYSE:CXO) opened at 126.02 on Friday. The company has a market cap of $18.54 billion, a P/E ratio of 86.73 and a beta of 1.09. The company has a 50 day moving average price of $124.42 and a 200 day moving average price of $131.22. Concho Resources has a one year low of $112.73 and a one year high of $147.55.

Concho Resources (NYSE:CXO) last released its quarterly earnings data on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.18. The company had revenue of $612 million for the quarter, compared to the consensus estimate of $607.71 million. Concho Resources had a return on equity of 2.44% and a net margin of 10.60%. The company’s quarterly revenue was up 115.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) earnings per share. Equities research analysts expect that Concho Resources will post $1.59 earnings per share for the current year.

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In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total transaction of $32,400.00. Insiders own 1.20% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CXO. Syntal Capital Partners LLC boosted its stake in Concho Resources by 0.7% in the first quarter. Syntal Capital Partners LLC now owns 2,773 shares of the oil and natural gas company’s stock worth $355,000 after buying an additional 19 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in Concho Resources by 1.6% in the first quarter. Wetherby Asset Management Inc. now owns 1,733 shares of the oil and natural gas company’s stock worth $222,000 after buying an additional 27 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Concho Resources by 1.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 4,400 shares of the oil and natural gas company’s stock worth $564,000 after buying an additional 51 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Concho Resources by 3.4% in the first quarter. Pacer Advisors Inc. now owns 2,367 shares of the oil and natural gas company’s stock worth $304,000 after buying an additional 77 shares in the last quarter. Finally, Cleararc Capital Inc. boosted its stake in Concho Resources by 2.7% in the first quarter. Cleararc Capital Inc. now owns 3,644 shares of the oil and natural gas company’s stock worth $468,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 93.05% of the company’s stock.

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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