Brokers Offer Predictions for Concho Resources Inc.’s FY2017 Earnings (CXO)

Concho Resources Inc. (NYSE:CXO) – Equities research analysts at Seaport Global Securities issued their FY2017 earnings estimates for shares of Concho Resources in a report released on Tuesday. Seaport Global Securities analyst M. Kelly forecasts that the oil and natural gas company will post earnings of $1.84 per share for the year. Seaport Global Securities also issued estimates for Concho Resources’ Q4 2017 earnings at $0.38 EPS, Q1 2018 earnings at $0.51 EPS, Q2 2018 earnings at $0.62 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.76 EPS and FY2018 earnings at $2.62 EPS.

A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $157.00 target price on the stock in a research report on Thursday. KLR Group downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Thursday. Royal Bank of Canada set a $167.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Group set a $173.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research note on Wednesday. Finally, Credit Suisse Group assumed coverage on shares of Concho Resources in a research note on Monday, December 11th. They set a “neutral” rating and a $136.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $153.47.

Shares of Concho Resources (NYSE:CXO) opened at $149.83 on Thursday. Concho Resources has a 52-week low of $106.73 and a 52-week high of $151.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $20,863.54, a P/E ratio of 84.52 and a beta of 1.09.

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

Institutional investors and hedge funds have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. grew its holdings in shares of Concho Resources by 6.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 467,660 shares of the oil and natural gas company’s stock valued at $56,835,000 after buying an additional 26,376 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Concho Resources by 1.0% during the second quarter. Legal & General Group Plc now owns 667,613 shares of the oil and natural gas company’s stock valued at $81,133,000 after buying an additional 6,440 shares during the last quarter. Chartwell Investment Partners LLC grew its holdings in shares of Concho Resources by 29.5% during the second quarter. Chartwell Investment Partners LLC now owns 5,177 shares of the oil and natural gas company’s stock valued at $629,000 after buying an additional 1,180 shares during the last quarter. Marshall Wace North America L.P. grew its holdings in shares of Concho Resources by 2.1% during the second quarter. Marshall Wace North America L.P. now owns 42,813 shares of the oil and natural gas company’s stock valued at $5,223,000 after buying an additional 888 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Concho Resources during the second quarter valued at about $717,000. 94.47% of the stock is owned by hedge funds and other institutional investors.

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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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