Wells Fargo & Co Boosts Concho Resources (NYSE:CXO) Price Target to $101.00

Concho Resources (NYSE:CXO) had its price target upped by investment analysts at Wells Fargo & Co from $98.00 to $101.00 in a research note issued to investors on Thursday, January 9th, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Wells Fargo & Co‘s price objective suggests a potential upside of 11.22% from the company’s current price.

CXO has been the topic of a number of other research reports. KeyCorp cut their price objective on shares of Concho Resources from $106.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Williams Capital restated a “buy” rating and issued a $100.00 price target on shares of Concho Resources in a report on Wednesday, October 30th. Barclays cut their price target on shares of Concho Resources from $141.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Raymond James cut their price target on shares of Concho Resources from $130.00 to $90.00 and set a “strong-buy” rating on the stock in a report on Thursday, October 17th. Finally, SunTrust Banks cut shares of Concho Resources from a “buy” rating to a “hold” rating and cut their price target for the stock from $100.00 to $70.00 in a report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $111.45.

Shares of CXO stock traded up $2.37 during mid-day trading on Thursday, hitting $90.81. The company had a trading volume of 357,014 shares, compared to its average volume of 1,543,413. The company has a market capitalization of $18.02 billion, a P/E ratio of 19.78 and a beta of 1.35. The stock’s 50 day moving average price is $82.56 and its 200-day moving average price is $78.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.51 and a quick ratio of 1.48. Concho Resources has a 52-week low of $61.37 and a 52-week high of $126.54.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.05). The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Concho Resources had a net margin of 28.98% and a return on equity of 3.24%. Concho Resources’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. On average, equities research analysts expect that Concho Resources will post 2.79 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in CXO. Vanguard Group Inc. increased its holdings in Concho Resources by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 21,953,438 shares of the oil and natural gas company’s stock worth $2,265,155,000 after buying an additional 290,603 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Concho Resources by 49.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,730,550 shares of the oil and natural gas company’s stock worth $2,138,978,000 after buying an additional 6,853,820 shares during the period. BlackRock Inc. increased its holdings in Concho Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 13,655,162 shares of the oil and natural gas company’s stock worth $1,408,940,000 after buying an additional 189,393 shares during the period. Nuveen Asset Management LLC increased its holdings in Concho Resources by 78,872.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,849,910 shares of the oil and natural gas company’s stock worth $397,233,000 after buying an additional 3,845,035 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Concho Resources by 1.2% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 850,232 shares of the oil and natural gas company’s stock worth $57,731,000 after buying an additional 9,782 shares during the period. 92.68% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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