Concho Resources (CXO) Stock Rating Upgraded by Bank of America

Concho Resources (NYSE:CXO) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $190.00 price objective on the oil and natural gas company’s stock. Bank of America’s target price would indicate a potential upside of 24.52% from the company’s current price.

A number of other research firms also recently issued reports on CXO. Piper Jaffray Companies reduced their price target on shares of Concho Resources from $167.00 to $142.00 and set an “overweight” rating on the stock in a research report on Monday, September 18th. ValuEngine upgraded shares of Concho Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Monday, November 6th. Jefferies Group upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research report on Monday, October 9th. Finally, Scotiabank set a $145.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Saturday, November 25th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $154.89.

Concho Resources (CXO) opened at $152.59 on Thursday. Concho Resources has a 52 week low of $106.73 and a 52 week high of $155.05. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32. The company has a market cap of $22,690.00, a price-to-earnings ratio of 40.16 and a beta of 1.08.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The firm had revenue of $627.00 million for the quarter, compared to the consensus estimate of $614.12 million. During the same period in the prior year, the firm posted $0.32 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. equities research analysts predict that Concho Resources will post 1.85 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Concho Resources by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after buying an additional 454,428 shares during the period. Capital World Investors increased its stake in Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock valued at $1,311,613,000 after buying an additional 1,034,000 shares during the period. State Street Corp increased its stake in Concho Resources by 0.3% during the 2nd quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock valued at $959,272,000 after buying an additional 20,760 shares during the period. TIAA CREF Investment Management LLC increased its stake in Concho Resources by 5.0% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 4,085,360 shares of the oil and natural gas company’s stock valued at $496,494,000 after buying an additional 195,820 shares during the period. Finally, Carmignac Gestion increased its stake in Concho Resources by 7.6% during the 3rd quarter. Carmignac Gestion now owns 2,663,795 shares of the oil and natural gas company’s stock valued at $350,875,000 after buying an additional 189,251 shares during the period. 94.47% of the stock is currently owned by hedge funds and other institutional investors.

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About Concho Resources

Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

Analyst Recommendations for Concho Resources (NYSE:CXO)

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