Equities Analysts Set Expectations for Concho Resources Inc.’s FY2017 Earnings (CXO)

Concho Resources Inc. (NYSE:CXO) – Equities researchers at KeyCorp raised their FY2017 EPS estimates for shares of Concho Resources in a note issued to investors on Tuesday. KeyCorp analyst D. Deckelbaum now forecasts that the oil and natural gas company will earn $1.85 per share for the year, up from their prior forecast of $1.60. KeyCorp currently has a “Buy” rating and a $150.00 target price on the stock. KeyCorp also issued estimates for Concho Resources’ Q4 2017 earnings at $0.38 EPS.

CXO has been the subject of a number of other research reports. Citigroup Inc lowered their target price on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Cowen and Company set a $145.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a report on Tuesday, July 18th. Jefferies Group LLC set a $140.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a report on Wednesday, July 19th. ValuEngine upgraded shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Piper Jaffray Companies reduced their price objective on shares of Concho Resources from $167.00 to $142.00 and set an “overweight” rating for the company in a report on Monday, September 18th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Concho Resources has a consensus rating of “Buy” and an average target price of $150.80.

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Concho Resources (NYSE CXO) opened at $142.85 on Thursday. The company has a market cap of $20.81 billion, a P/E ratio of 84.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 1.70.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. Concho Resources’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share.

A number of hedge funds have recently bought and sold shares of CXO. Vanguard Group Inc. raised its position in shares of Concho Resources by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after acquiring an additional 454,428 shares in the last quarter. Capital World Investors increased its position in Concho Resources by 10.6% during the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after buying an additional 1,034,000 shares during the period. State Street Corp increased its position in Concho Resources by 0.3% during the second quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock worth $959,272,000 after buying an additional 20,760 shares during the period. JPMorgan Chase & Co. increased its position in Concho Resources by 30.8% during the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after buying an additional 1,599,084 shares during the period. Finally, Jennison Associates LLC increased its position in Concho Resources by 3.6% during the second quarter. Jennison Associates LLC now owns 6,038,410 shares of the oil and natural gas company’s stock worth $733,848,000 after buying an additional 211,679 shares during the period. 92.28% of the stock is currently owned by institutional investors.

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 completion of the transaction, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.99% 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.

Earnings History and Estimates for Concho Resources (NYSE:CXO)

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