Concho Resources (CXO) Shares Gap Up to $119.45

Concho Resources Inc (NYSE:CXO)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $116.94, but opened at $119.45. Concho Resources shares last traded at $122.94, with a volume of 2242739 shares trading hands.

A number of equities analysts have recently commented on the stock. Williams Capital reissued a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a research note on Wednesday, December 12th. Seaport Global Securities set a $145.00 target price on shares of Concho Resources and gave the company a “hold” rating in a research note on Wednesday, October 31st. Stephens began coverage on shares of Concho Resources in a research note on Thursday, December 6th. They set an “equal weight” rating and a $185.00 price target on the stock. Piper Jaffray Companies reaffirmed a “buy” rating and set a $209.00 price target on shares of Concho Resources in a research note on Wednesday, October 24th. Finally, JPMorgan Chase & Co. set a $188.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research note on Monday, October 29th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $175.68.

The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The firm has a market cap of $24.62 billion, a P/E ratio of 57.84, a PEG ratio of 0.81 and a beta of 1.21.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. Concho Resources’s revenue was up 90.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. Research analysts predict that Concho Resources Inc will post 4.92 EPS for the current year.

A number of institutional investors have recently bought and sold shares of CXO. Rehmann Capital Advisory Group boosted its stake in Concho Resources by 108.6% during the 3rd quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 114 shares during the period. Johnson Financial Group Inc. acquired a new position in Concho Resources during the 3rd quarter valued at about $161,000. Cerebellum GP LLC acquired a new position in Concho Resources during the 3rd quarter valued at about $188,000. Summit X LLC acquired a new position in Concho Resources during the 2nd quarter valued at about $203,000. Finally, HBK Sorce Advisory LLC acquired a new position in Concho Resources during the 3rd quarter valued at about $206,000. 94.24% of the stock is owned by hedge funds and other institutional investors.

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Concho Resources Company Profile (NYSE:CXO)

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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