Today: Today, Concho Resources Inc. (CXO) Decreased to “Hold” at The Zacks Investment Research

Today, Concho Resources Inc. (CXO) Decreased to “Hold” at The Zacks Investment Research

Zacks Investment Research cut shares of Concho Resources Inc. (NYSE:CXO) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

According to Zacks, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays. “

CXO has been the topic of several other research reports. Johnson Rice started coverage on shares of Concho Resources in a research report on Tuesday, October 4th. They issued an accumulate rating on the stock. Bank of America Corp. set a $151.00 price target on shares of Concho Resources and gave the company a buy rating in a research report on Tuesday, November 8th. Citigroup Inc. boosted their price target on shares of Concho Resources from $143.00 to $150.00 and gave the company a buy rating in a research report on Thursday, August 11th. Deutsche Bank AG reissued a buy rating and issued a $140.00 price target on shares of Concho Resources in a research report on Thursday, August 4th. Finally, Credit Suisse Group AG reissued a buy rating and issued a $154.00 price target on shares of Concho Resources in a research report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $139.85.

Shares of Concho Resources (NYSE:CXO) opened at 138.39 on Thursday. The firm’s market cap is $19.51 billion. Concho Resources has a 12 month low of $69.94 and a 12 month high of $143.60. The firm has a 50-day moving average of $134.35 and a 200-day moving average of $127.10.

Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.14. The firm had revenue of $430.55 million for the quarter, compared to analysts’ expectations of $69.10 million. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The company’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share. On average, analysts anticipate that Concho Resources will post $0.43 EPS for the current year.

Several large investors have recently bought and sold shares of CXO. Carmignac Gestion bought a new stake in Concho Resources during the second quarter valued at approximately $209,179,000. JPMorgan Chase & Co. boosted its stake in Concho Resources by 43.6% in the third quarter. JPMorgan Chase & Co. now owns 5,144,449 shares of the company’s stock valued at $706,590,000 after buying an additional 1,561,545 shares in the last quarter. Capital Research Global Investors boosted its stake in Concho Resources by 10.8% in the second quarter. Capital Research Global Investors now owns 14,270,430 shares of the company’s stock valued at $1,702,034,000 after buying an additional 1,388,475 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Concho Resources by 39.6% in the third quarter. TIAA CREF Investment Management LLC now owns 4,120,419 shares of the company’s stock valued at $565,940,000 after buying an additional 1,169,713 shares in the last quarter. Finally, Standard Life Investments LTD boosted its stake in Concho Resources by 143.1% in the third quarter. Standard Life Investments LTD now owns 1,663,885 shares of the company’s stock valued at $228,502,000 after buying an additional 979,311 shares in the last quarter. 92.22% of the stock is owned by hedge funds and other institutional investors.

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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.

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