Concho Resources Inc (NYSE:CXO) – Analysts at SunTrust Banks decreased their FY2020 earnings per share (EPS) estimates for Concho Resources in a research report issued on Wednesday, October 16th. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will earn $4.28 per share for the year, down from their previous estimate of $5.04. SunTrust Banks has a “Hold” rating and a $70.00 price target on the stock. SunTrust Banks also issued estimates for Concho Resources’ Q1 2021 earnings at $1.14 EPS, Q2 2021 earnings at $1.10 EPS, Q3 2021 earnings at $1.13 EPS and FY2021 earnings at $4.53 EPS.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.05). Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the firm earned $1.24 earnings per share. The company’s revenue was up 19.3% on a year-over-year basis.
CXO has been the topic of several other reports. Stifel Nicolaus set a $188.00 price target on Concho Resources and gave the company a “buy” rating in a research note on Friday, August 2nd. Raymond James lowered their price target on Concho Resources from $130.00 to $90.00 and set a “strong-buy” rating on the stock in a research note on Thursday. ValuEngine upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Mitsubishi UFJ Financial Group lowered their price target on Concho Resources from $121.00 to $116.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, Wells Fargo & Co lowered their price objective on Concho Resources from $105.00 to $104.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $134.80.
Shares of CXO opened at $62.45 on Monday. Concho Resources has a 12-month low of $61.37 and a 12-month high of $150.45. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $12.70 billion, a price-to-earnings ratio of 13.61 and a beta of 1.20. The stock’s 50-day moving average price is $69.34 and its 200 day moving average price is $91.86.
Several institutional investors and hedge funds have recently made changes to their positions in CXO. Commerzbank Aktiengesellschaft FI raised its position in shares of Concho Resources by 1.3% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 56,363 shares of the oil and natural gas company’s stock valued at $3,827,000 after acquiring an additional 718 shares during the last quarter. MHI Funds LLC raised its position in shares of Concho Resources by 45.5% during the 3rd quarter. MHI Funds LLC now owns 3,627 shares of the oil and natural gas company’s stock valued at $246,000 after acquiring an additional 1,135 shares during the last quarter. Sippican Capital Advisors raised its position in shares of Concho Resources by 16.0% during the 3rd quarter. Sippican Capital Advisors now owns 11,366 shares of the oil and natural gas company’s stock valued at $772,000 after acquiring an additional 1,569 shares during the last quarter. Signaturefd LLC raised its position in shares of Concho Resources by 73.5% during the 3rd quarter. Signaturefd LLC now owns 406 shares of the oil and natural gas company’s stock valued at $28,000 after acquiring an additional 172 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Concho Resources during the 3rd quarter valued at $313,000. 95.31% of the stock is currently owned by institutional investors and hedge funds.
In other Concho Resources news, President Jack F. Harper bought 10,000 shares of Concho Resources stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $65.40 per share, with a total value of $654,000.00. Following the acquisition, the president now directly owns 170,605 shares of the company’s stock, valued at $11,157,567. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan J. Helms bought 700 shares of Concho Resources stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $70.12 per share, for a total transaction of $49,084.00. Following the completion of the acquisition, the director now directly owns 5,137 shares in the company, valued at $360,206.44. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 16,200 shares of company stock worth $1,084,349. Corporate insiders own 1.10% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, August 9th were paid a $0.125 dividend. The ex-dividend date of this dividend was Thursday, August 8th. This represents a $0.50 annualized dividend and a dividend yield of 0.80%. Concho Resources’s dividend payout ratio is currently 10.89%.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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