Bank of America Trims Concho Resources (NYSE:CXO) Target Price to $136.00

Concho Resources (NYSE:CXO) had its price objective cut by Bank of America from $145.00 to $136.00 in a report published on Thursday morning, BenzingaRatingsTable reports. They currently have a buy rating on the oil and natural gas company’s stock.

Several other analysts also recently weighed in on CXO. Citigroup assumed coverage on Concho Resources in a research note on Tuesday, April 9th. They set a buy rating and a $112.00 price target on the stock. Morgan Stanley dropped their price target on Concho Resources from $136.00 to $131.00 and set an overweight rating on the stock in a research note on Friday, July 12th. KeyCorp boosted their price target on Concho Resources from $121.00 to $124.00 and gave the company an overweight rating in a research note on Monday, April 22nd. Susquehanna Bancshares dropped their price target on Concho Resources from $150.00 to $143.00 and set a positive rating on the stock in a research note on Wednesday, June 19th. Finally, SunTrust Banks reiterated a buy rating and set a $135.00 price target on shares of Concho Resources in a research note on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $153.56.

Concho Resources stock traded down $3.12 during trading hours on Thursday, hitting $72.85. 8,016,589 shares of the stock traded hands, compared to its average volume of 2,230,321. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.61 and a quick ratio of 0.60. The firm’s 50 day moving average price is $99.90. The firm has a market capitalization of $15.24 billion, a PE ratio of 15.87 and a beta of 1.15. Concho Resources has a 1 year low of $72.76 and a 1 year high of $160.81.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.24 EPS. Sell-side analysts expect that Concho Resources will post 3.59 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be paid a $0.125 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.69%. Concho Resources’s payout ratio is 10.89%.

A number of hedge funds have recently modified their holdings of the business. Louisiana State Employees Retirement System boosted its position in Concho Resources by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 10,600 shares of the oil and natural gas company’s stock worth $1,176,000 after purchasing an additional 100 shares in the last quarter. Confluence Investment Management LLC boosted its position in Concho Resources by 5.1% during the second quarter. Confluence Investment Management LLC now owns 2,293 shares of the oil and natural gas company’s stock worth $237,000 after purchasing an additional 111 shares in the last quarter. Wedbush Securities Inc. boosted its position in Concho Resources by 7.8% during the second quarter. Wedbush Securities Inc. now owns 2,047 shares of the oil and natural gas company’s stock worth $211,000 after purchasing an additional 148 shares in the last quarter. Securian Asset Management Inc boosted its position in Concho Resources by 0.7% during the first quarter. Securian Asset Management Inc now owns 20,711 shares of the oil and natural gas company’s stock worth $2,298,000 after purchasing an additional 152 shares in the last quarter. Finally, Chartwell Investment Partners LLC boosted its position in Concho Resources by 3.1% during the first quarter. Chartwell Investment Partners LLC now owns 5,574 shares of the oil and natural gas company’s stock worth $618,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 94.60% of the company’s stock.

About Concho Resources

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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