Concho Resources Inc (NYSE:CXO) – Research analysts at Jefferies Financial Group boosted their Q2 2019 earnings per share estimates for shares of Concho Resources in a report issued on Monday, April 22nd, Zacks Investment Research reports. Jefferies Financial Group analyst M. Lear now forecasts that the oil and natural gas company will post earnings per share of $1.02 for the quarter, up from their previous forecast of $0.92.
CXO has been the subject of a number of other research reports. ValuEngine cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. TheStreet upgraded shares of Concho Resources from a “c” rating to a “b-” rating in a research note on Tuesday, February 19th. Williams Capital restated a “buy” rating and issued a $182.00 price objective on shares of Concho Resources in a research note on Monday, February 11th. Morgan Stanley set a $154.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research note on Tuesday, January 29th. Finally, Barclays set a $153.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $165.32.
Shares of CXO stock traded down $1.13 during mid-day trading on Wednesday, reaching $112.90. The company’s stock had a trading volume of 1,311,277 shares, compared to its average volume of 2,256,147. Concho Resources has a 1-year low of $93.31 and a 1-year high of $160.81. The stock has a market cap of $22.87 billion, a price-to-earnings ratio of 24.60, a P/E/G ratio of 0.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.60 and a current ratio of 0.62.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company earned $1.00 earnings per share. Concho Resources’s revenue for the quarter was up 16.6% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Thursday, May 9th. Concho Resources’s dividend payout ratio (DPR) is currently 10.89%.
In other Concho Resources news, Chairman Timothy A. Leach sold 54,545 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the sale, the chairman now owns 680,041 shares of the company’s stock, valued at approximately $74,355,682.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gary A. Merriman acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were bought at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the acquisition, the director now owns 19,727 shares in the company, valued at $2,199,757.77. The disclosure for this purchase can be found here. Insiders have sold a total of 77,745 shares of company stock valued at $8,532,784 in the last quarter. 1.10% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. HighTower Advisors LLC bought a new stake in Concho Resources during the 1st quarter worth about $219,000. RMB Capital Management LLC bought a new stake in Concho Resources during the 1st quarter worth about $973,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in Concho Resources by 5.3% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,007 shares of the oil and natural gas company’s stock worth $1,100,000 after acquiring an additional 507 shares during the last quarter. Man Group plc bought a new stake in Concho Resources during the 1st quarter worth about $1,215,000. Finally, Metropolitan Life Insurance Co NY grew its holdings in Concho Resources by 313.3% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 123,890 shares of the oil and natural gas company’s stock worth $576,000 after acquiring an additional 93,916 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.
Concho Resources Company Profile
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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.