Concho Resources (NYSE:CXO) PT Raised to $99.00 at UBS Group

Concho Resources (NYSE:CXO) had its target price increased by UBS Group from $74.00 to $99.00 in a research note published on Monday, BenzingaRatingsTable reports. The firm currently has a buy rating on the oil and natural gas company’s stock.

A number of other analysts have also recently weighed in on CXO. Raymond James cut Concho Resources from a strong-buy rating to an outperform rating in a research report on Tuesday, March 17th. TheStreet cut Concho Resources from a c- rating to a d+ rating in a research report on Wednesday, March 25th. Bank of America upgraded Concho Resources from a neutral rating to a buy rating and set a $70.00 price target on the stock in a research report on Monday, June 22nd. Royal Bank of Canada reiterated a buy rating on shares of Concho Resources in a research report on Thursday, April 30th. Finally, SunTrust Banks dropped their price target on Concho Resources from $60.00 to $55.00 and set a hold rating on the stock in a research report on Friday, April 3rd. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Concho Resources presently has a consensus rating of Buy and an average price target of $85.04.

Shares of NYSE CXO opened at $51.47 on Monday. The stock’s 50 day moving average price is $57.10 and its two-hundred day moving average price is $64.87. Concho Resources has a 52-week low of $33.13 and a 52-week high of $104.88. The stock has a market capitalization of $10.13 billion, a P/E ratio of -1.08, a PEG ratio of 4.65 and a beta of 1.84. The company has a quick ratio of 2.14, a current ratio of 2.16 and a debt-to-equity ratio of 0.47.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Thursday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.72. Concho Resources had a positive return on equity of 3.89% and a negative net margin of 210.59%. The firm had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Concho Resources’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, analysts anticipate that Concho Resources will post 2.53 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, May 8th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Thursday, May 7th. Concho Resources’s payout ratio is currently 26.23%.

In other Concho Resources news, Director Steven L. Beal sold 19,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $61.66, for a total transaction of $1,202,370.00. Following the completion of the transaction, the director now directly owns 51,492 shares of the company’s stock, valued at approximately $3,174,996.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CXO. Norges Bank bought a new stake in shares of Concho Resources during the 4th quarter worth $145,576,000. State Street Corp boosted its stake in shares of Concho Resources by 9.9% during the 1st quarter. State Street Corp now owns 11,167,125 shares of the oil and natural gas company’s stock worth $478,511,000 after acquiring an additional 1,002,944 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Concho Resources by 27.0% during the 4th quarter. Nuveen Asset Management LLC now owns 3,401,322 shares of the oil and natural gas company’s stock worth $297,854,000 after acquiring an additional 723,799 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Concho Resources by 14.6% during the 1st quarter. Wellington Management Group LLP now owns 5,073,078 shares of the oil and natural gas company’s stock worth $217,380,000 after acquiring an additional 645,500 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in shares of Concho Resources by 1.8% during the 4th quarter. Capital Research Global Investors now owns 24,583,880 shares of the oil and natural gas company’s stock worth $2,152,809,000 after acquiring an additional 423,417 shares in the last quarter. 93.76% of the stock is owned by institutional investors and hedge funds.

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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