Concho Resources Inc. (NYSE:CXO) – Research analysts at Jefferies Group raised their Q1 2018 earnings per share (EPS) estimates for Concho Resources in a research report issued on Wednesday. Jefferies Group analyst M. Lear now anticipates that the oil and natural gas company will earn $0.59 per share for the quarter, up from their prior forecast of $0.50. Jefferies Group has a “Buy” rating and a $173.00 price target on the stock. Jefferies Group also issued estimates for Concho Resources’ Q2 2018 earnings at $0.65 EPS, Q3 2018 earnings at $0.77 EPS and Q4 2018 earnings at $0.82 EPS.
Several other research analysts have also recently issued reports on CXO. Royal Bank of Canada reissued a “buy” rating and issued a $158.00 price target on shares of Concho Resources in a research note on Friday, September 29th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $155.00 price target for the company in a research note on Friday, December 15th. Piper Jaffray Companies decreased their price target on Concho Resources from $167.00 to $142.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. KLR Group cut Concho Resources from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Stifel Nicolaus set a $185.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $153.47.
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, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.19. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The firm had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. During the same period last year, the company earned $0.32 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in CXO. Israel Discount Bank of New York boosted its stake in Concho Resources by 32.0% during the second quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock valued at $100,000 after buying an additional 200 shares in the last quarter. Sun Life Financial INC boosted its stake in Concho Resources by 10,850.0% during the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after buying an additional 1,085 shares in the last quarter. Twin Tree Management LP bought a new position in Concho Resources during the second quarter valued at about $137,000. C M Bidwell & Associates Ltd. boosted its stake in Concho Resources by 1.4% during the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after buying an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc bought a new position in Concho Resources during the third quarter valued at about $206,000. 94.47% of the stock is owned by institutional investors and hedge funds.
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.
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