Concho Resources Inc (NYSE:CXO) – Equities research analysts at SunTrust Banks cut their Q3 2020 EPS estimates for Concho Resources in a note issued to investors on Thursday, June 25th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will post earnings of $0.27 per share for the quarter, down from their prior estimate of $0.38. SunTrust Banks has a “Hold” rating and a $55.00 price target on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q1 2021 earnings at ($0.13) EPS, Q2 2021 earnings at ($0.07) EPS, Q3 2021 earnings at $0.00 EPS, Q4 2021 earnings at $0.07 EPS and FY2021 earnings at ($0.13) EPS.
Other equities analysts have also recently issued reports about the company. Siebert Williams Shank reaffirmed a “buy” rating and issued a $78.00 target price on shares of Concho Resources in a report on Tuesday, March 17th. KeyCorp decreased their target price on Concho Resources from $85.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday, March 26th. Morgan Stanley increased their price target on Concho Resources from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Bank of America upgraded Concho Resources from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Monday, June 22nd. Finally, TheStreet lowered Concho Resources from a “c-” rating to a “d+” rating in a research note on Wednesday, March 25th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $85.04.
Shares of Concho Resources stock opened at $51.50 on Monday. Concho Resources has a one year low of $33.13 and a one year high of $105.93. The stock’s fifty day moving average is $57.34 and its 200 day moving average is $65.15. The stock has a market cap of $9.83 billion, a P/E ratio of -1.08, a P/E/G ratio of 4.69 and a beta of 1.85. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.14 and a current ratio of 2.16.
Concho Resources (NYSE:CXO) last announced its earnings results on Thursday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.72. Concho Resources had a positive return on equity of 3.89% and a negative net margin of 210.59%. The company had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period last year, the firm earned $0.72 EPS. Concho Resources’s revenue for the quarter was down 16.5% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, May 8th were given a $0.20 dividend. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.80 annualized dividend and a yield of 1.55%. Concho Resources’s dividend payout ratio is currently 26.23%.
In other Concho Resources news, Director Steven L. Beal sold 19,500 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $61.66, for a total value of $1,202,370.00. Following the completion of the sale, the director now owns 51,492 shares of the company’s stock, valued at $3,174,996.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CXO. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Concho Resources in the first quarter worth about $27,000. Sandy Spring Bank bought a new stake in shares of Concho Resources during the first quarter valued at approximately $34,000. Meeder Asset Management Inc. raised its stake in shares of Concho Resources by 2,515.1% during the first quarter. Meeder Asset Management Inc. now owns 1,386 shares of the oil and natural gas company’s stock valued at $60,000 after acquiring an additional 1,333 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Concho Resources by 60.3% during the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,127 shares of the oil and natural gas company’s stock valued at $91,000 after acquiring an additional 800 shares in the last quarter. Finally, CSat Investment Advisory L.P. raised its stake in shares of Concho Resources by 25.9% during the first quarter. CSat Investment Advisory L.P. now owns 2,124 shares of the oil and natural gas company’s stock valued at $91,000 after acquiring an additional 437 shares in the last quarter. 93.76% of the stock is owned by institutional investors and hedge funds.
About Concho Resources
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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