Jefferies Financial Group Analysts Boost Earnings Estimates for Concho Resources Inc (CXO)

Concho Resources Inc (NYSE:CXO) – Stock analysts at Jefferies Financial Group raised their FY2018 earnings per share (EPS) estimates for shares of Concho Resources in a note issued to investors on Friday, November 2nd. Jefferies Financial Group analyst M. Lear now forecasts that the oil and natural gas company will post earnings per share of $5.15 for the year, up from their prior forecast of $4.88. Jefferies Financial Group has a “Buy” rating and a $205.00 price objective on the stock. Jefferies Financial Group also issued estimates for Concho Resources’ Q4 2018 earnings at $1.42 EPS, Q2 2019 earnings at $1.49 EPS, Q3 2019 earnings at $1.62 EPS, FY2019 earnings at $6.63 EPS, Q1 2020 earnings at $2.71 EPS, Q2 2020 earnings at $2.83 EPS and Q3 2020 earnings at $3.02 EPS.

Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The company’s quarterly revenue was up 90.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share.

A number of other equities research analysts also recently weighed in on CXO. ValuEngine raised Concho Resources from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Susquehanna Bancshares began coverage on Concho Resources in a report on Wednesday, July 11th. They set a “positive” rating and a $175.00 price objective on the stock. Royal Bank of Canada reaffirmed a “buy” rating and set a $200.00 price objective on shares of Concho Resources in a report on Friday, July 13th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $220.00 price objective on shares of Concho Resources in a report on Friday, July 20th. Finally, TD Securities lifted their price objective on Concho Resources from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $181.00.

NYSE CXO opened at $141.37 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55. The company has a market cap of $28.25 billion, a price-to-earnings ratio of 67.64 and a beta of 1.00. Concho Resources has a 1-year low of $123.63 and a 1-year high of $163.11.

Institutional investors and hedge funds have recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new position in Concho Resources in the 2nd quarter worth approximately $166,000. Cerebellum GP LLC bought a new position in Concho Resources in the 3rd quarter worth approximately $188,000. Summit X LLC bought a new position in Concho Resources in the 2nd quarter worth approximately $203,000. KC Investment Advisors LLC bought a new position in Concho Resources in the 2nd quarter worth approximately $204,000. Finally, IFP Advisors Inc raised its position in Concho Resources by 85.6% in the 3rd quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock worth $221,000 after purchasing an additional 666 shares during the last quarter. 77.84% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Steven L. Beal sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the transaction, the director now directly owns 75,548 shares of the company’s stock, valued at approximately $10,368,207.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the transaction, the senior vice president now directly owns 51,058 shares in the company, valued at $6,840,750.84. The disclosure for this sale can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 over the last three months. 1.10% of the stock is owned by company insiders.

About Concho Resources

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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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Earnings History and Estimates for Concho Resources (NYSE:CXO)

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