Brokerages expect Concho Resources Inc (NYSE:CXO) to post $0.96 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for Concho Resources’ earnings. The lowest EPS estimate is $0.60 and the highest is $1.60. Concho Resources posted earnings of $1.24 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 22.6%. The company is expected to announce its next earnings results on Wednesday, August 7th.
On average, analysts expect that Concho Resources will report full-year earnings of $4.25 per share for the current financial year, with EPS estimates ranging from $3.51 to $6.06. For the next year, analysts forecast that the company will report earnings of $6.89 per share, with EPS estimates ranging from $4.67 to $12.71. Zacks’ EPS averages are a mean average based on a survey of research analysts that that provide coverage for Concho Resources.
Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the company posted $1.00 earnings per share. Concho Resources’s quarterly revenue was up 16.6% on a year-over-year basis.
Several research firms recently issued reports on CXO. Barclays increased their price target on shares of Concho Resources from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday. Morgan Stanley cut their price target on shares of Concho Resources from $141.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday. Credit Suisse Group set a $132.00 target price on shares of Concho Resources and gave the company a “hold” rating in a report on Wednesday, February 20th. KeyCorp reaffirmed a “buy” rating and issued a $121.00 target price on shares of Concho Resources in a report on Friday, February 22nd. Finally, Williams Capital reaffirmed a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a report on Sunday, April 21st. 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 given a strong buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and an average target price of $165.32.
In other news, Director Gary A. Merriman bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The shares were purchased at an average price of $111.51 per share, for a total transaction of $223,020.00. Following the completion of the transaction, the director now owns 19,727 shares in the company, valued at $2,199,757.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Timothy A. Leach sold 54,545 shares of Concho Resources stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the completion of the transaction, the chairman now owns 680,041 shares in the company, valued at approximately $74,355,682.94. The disclosure for this sale can be found here. Insiders sold 77,745 shares of company stock worth $8,532,784 over the last quarter. Company insiders own 1.10% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CXO. Covington Capital Management boosted its holdings in shares of Concho Resources by 86.6% in the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 116 shares during the last quarter. Ropes Wealth Advisors LLC acquired a new position in shares of Concho Resources in the 4th quarter valued at $28,000. First Hawaiian Bank boosted its holdings in shares of Concho Resources by 2,400.0% in the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock valued at $28,000 after purchasing an additional 240 shares during the last quarter. PRW Wealth Management LLC acquired a new position in shares of Concho Resources in the 4th quarter valued at $37,000. Finally, Massey Quick Simon & CO. LLC acquired a new position in shares of Concho Resources in the 4th quarter valued at $49,000. Institutional investors own 95.21% of the company’s stock.
Shares of NYSE:CXO traded down $1.13 on Tuesday, reaching $112.90. The company’s stock had a trading volume of 1,311,277 shares, compared to its average volume of 2,256,147. The stock has a market capitalization of $22.65 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 0.87 and a beta of 1.11. Concho Resources has a 52-week low of $93.31 and a 52-week high of $160.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.60 and a current ratio of 0.62.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 10th will be given a $0.125 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.50 annualized dividend and a dividend yield of 0.44%. Concho Resources’s dividend payout ratio is presently 10.89%.
Concho Resources Company Profile
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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