Concho Resources (NYSE:CXO)‘s stock had its “buy” rating reiterated by stock analysts at Williams Capital in a research report issued to clients and investors on Monday. They presently have a $182.00 price target on the oil and natural gas company’s stock. Williams Capital’s price target indicates a potential upside of 60.65% from the stock’s current price.
Several other research analysts have also issued reports on the company. Ifs Securities reaffirmed a “strong-buy” rating on shares of Concho Resources in a research report on Sunday, February 3rd. ValuEngine lowered Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. Morgan Stanley set a $154.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Mizuho began coverage on Concho Resources in a research report on Tuesday, January 29th. They issued a “buy” rating and a $156.00 price objective for the company. Finally, Stephens raised Concho Resources from an “equal” rating to an “overweight” rating in a research report on Tuesday, January 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Concho Resources has an average rating of “Buy” and a consensus target price of $174.84.
NYSE:CXO traded up $0.64 during trading hours on Monday, hitting $113.29. 15,319 shares of the company were exchanged, compared to its average volume of 1,544,966. The firm has a market cap of $22.56 billion, a P/E ratio of 54.47, a P/E/G ratio of 0.78 and a beta of 1.26. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. Concho Resources has a one year low of $93.31 and a one year high of $163.11.
A number of institutional investors have recently modified their holdings of the stock. Ropes Wealth Advisors LLC acquired a new position in Concho Resources during the 4th quarter valued at about $28,000. Nikko Asset Management Americas Inc. boosted its stake in Concho Resources by 21.7% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 71,608 shares of the oil and natural gas company’s stock valued at $7,361,000 after purchasing an additional 12,745 shares during the last quarter. AGF Investments Inc. boosted its stake in Concho Resources by 83.2% during the 4th quarter. AGF Investments Inc. now owns 16,001 shares of the oil and natural gas company’s stock valued at $1,645,000 after purchasing an additional 7,266 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Concho Resources by 3.9% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,088,069 shares of the oil and natural gas company’s stock valued at $111,843,000 after purchasing an additional 41,024 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Concho Resources by 2.6% during the 4th quarter. BlackRock Inc. now owns 13,635,329 shares of the oil and natural gas company’s stock valued at $1,401,577,000 after purchasing an additional 349,182 shares during the last quarter. 95.45% of the stock is owned by institutional investors and hedge funds.
About Concho Resources
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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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