Concho Resources (NYSE:CXO) was downgraded by analysts at UBS AG from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. They currently have a GBX 103 ($1.57) target price on the stock, up from their previous target price of GBX 95 ($1.45). The analysts noted that the move was a valuation call.
Shares of Concho Resources (NYSE:CXO) traded down 0.71% during mid-day trading on Friday, hitting $97.16. Concho Resources has a 52 week low of $76.81 and a 52 week high of $102.26. The stock’s 50-day moving average is currently $88.38. The company has a market cap of $10.076 billion and a P/E ratio of 23.65.
Concho Resources (NYSE:CXO) last released its earnings data on Wednesday, August 7th. The company reported $0.98 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.00 by $0.02. The company had revenue of $562.79 million for the quarter, compared to the consensus estimate of $559.40 million. During the same quarter in the prior year, the company posted $0.78 earnings per share. The company’s quarterly revenue was up 39.6% on a year-over-year basis. Analysts expect that Concho Resources will post $3.87 EPS for the current fiscal year.
Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $109.50.
Concho Resources Inc(NYSE:CXO) is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties.