Concho Resources Inc. (NYSE:CXO) – Equities researchers at KeyCorp dropped their FY2016 earnings per share estimates for Concho Resources in a report released on Tuesday. KeyCorp analyst D. Deckelbaum now forecasts that the brokerage will post earnings per share of $0.29 for the year, down from their prior estimate of $0.56. KeyCorp also issued estimates for Concho Resources’ Q4 2016 earnings at ($0.21) EPS, Q1 2017 earnings at ($0.11) EPS, Q2 2017 earnings at ($0.10) EPS, Q3 2017 earnings at ($0.21) EPS, Q4 2017 earnings at ($0.14) EPS, FY2017 earnings at ($0.56) EPS, Q1 2018 earnings at $0.15 EPS and Q2 2018 earnings at $0.24 EPS.
A number of other research firms have also recently commented on CXO. Johnson Rice initiated coverage on Concho Resources in a research note on Tuesday, October 4th. They set an “accumulate” rating on the stock. Bank of America Corp. set a $151.00 target price on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, November 8th. Zacks Investment Research cut Concho Resources from a “buy” rating to a “hold” rating in a research note on Thursday, November 3rd. Citigroup Inc. lifted their target price on Concho Resources from $143.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $140.00 target price on shares of Concho Resources in a research note on Thursday, August 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $139.85.
Shares of Concho Resources (NYSE:CXO) opened at 138.39 on Thursday. The firm’s 50-day moving average is $134.35 and its 200-day moving average is $127.10. The firm’s market capitalization is $19.51 billion. Concho Resources has a 52 week low of $69.94 and a 52 week high of $143.60.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.14. The firm had revenue of $430.55 million for the quarter, compared to the consensus estimate of $69.10 million. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The business’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share.
Several hedge funds have recently added to or reduced their stakes in CXO. Advisor Group Inc. bought a new stake in Concho Resources during the second quarter worth $102,000. University of Texas Investment Managment Co. bought a new stake in Concho Resources during the second quarter worth $110,000. Checchi Capital Advisers LLC raised its stake in Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock worth $132,000 after buying an additional 18 shares during the period. Synovus Financial Corp bought a new stake in Concho Resources during the third quarter worth $139,000. Finally, Cypress Capital Management LLC WY bought a new stake in Concho Resources during the third quarter worth $158,000. 92.22% of the stock is owned by hedge funds and other institutional investors.
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