Shares of Concho Resources Inc (NYSE:CXO) were up 2.3% during mid-day trading on Monday . The company traded as high as $117.31 and last traded at $116.55. Approximately 1,452,642 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 1,811,290 shares. The stock had previously closed at $113.89.
A number of analysts recently issued reports on CXO shares. Jefferies Financial Group restated a “buy” rating and issued a $196.00 price target on shares of Concho Resources in a research report on Monday, December 17th. Raymond James set a $185.00 price target on Concho Resources and gave the stock a “buy cxo” rating in a research report on Monday, December 24th. KeyCorp started coverage on Concho Resources in a research report on Wednesday, January 2nd. They set an “overweight” rating and a $118.00 target price for the company. Morgan Stanley upgraded Concho Resources from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $163.00 to $151.00 in a research report on Wednesday, January 9th. Finally, Barclays upgraded Concho Resources from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $171.00 to $162.00 in a research report on Wednesday, January 16th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $164.52.
The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market cap of $21.01 billion, a PE ratio of 25.20, a PEG ratio of 0.82 and a beta of 1.11.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.16). The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Concho Resources had a net margin of 55.07% and a return on equity of 5.69%. Concho Resources’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. On average, analysts expect that Concho Resources Inc will post 4.45 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, February 28th. Concho Resources’s dividend payout ratio is presently 10.89%.
In other Concho Resources news, Director Steven L. Beal sold 7,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $99.90, for a total value of $749,250.00. Following the completion of the sale, the director now owns 69,096 shares of the company’s stock, valued at $6,902,690.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gary A. Merriman purchased 2,000 shares of the stock in a transaction on Wednesday, February 27th. The stock was acquired at an average cost of $111.51 per share, with a total value of $223,020.00. Following the acquisition, the director now owns 19,727 shares of the company’s stock, valued at approximately $2,199,757.77. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CXO. Covington Capital Management lifted its holdings in shares of Concho Resources by 86.6% during the fourth quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 116 shares during the period. Ropes Wealth Advisors LLC acquired a new stake in shares of Concho Resources during the fourth quarter worth about $28,000. First Hawaiian Bank lifted its holdings in shares of Concho Resources by 2,400.0% during the first quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 240 shares during the period. Rehmann Capital Advisory Group lifted its holdings in shares of Concho Resources by 108.6% during the third quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock worth $33,000 after purchasing an additional 114 shares during the period. Finally, PRW Wealth Management LLC acquired a new stake in shares of Concho Resources during the fourth quarter worth about $37,000. 94.65% of the stock is owned by institutional investors and hedge funds.
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Concho Resources Company Profile (NYSE:CXO)
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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