$1.08 Billion in Sales Expected for Concho Resources Inc (CXO) This Quarter

Wall Street brokerages forecast that Concho Resources Inc (NYSE:CXO) will announce $1.08 billion in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Concho Resources’ earnings, with the highest sales estimate coming in at $1.23 billion and the lowest estimate coming in at $1.01 billion. Concho Resources reported sales of $627.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 72.2%. The business is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, October 30th.

On average, analysts expect that Concho Resources will report full year sales of $4.06 billion for the current year, with estimates ranging from $3.82 billion to $4.34 billion. For the next year, analysts expect that the firm will post sales of $5.57 billion, with estimates ranging from $4.55 billion to $6.27 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Concho Resources.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The company had revenue of $945.00 million during the quarter, compared to the consensus estimate of $906.82 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 66.7% compared to the same quarter last year.

A number of equities research analysts have recently commented on CXO shares. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 price objective for the company in a research report on Monday, June 25th. TD Securities started coverage on Concho Resources in a research report on Thursday, July 5th. They set a “hold” rating and a $150.00 price objective for the company. SunTrust Banks cut their price objective on Concho Resources to $155.00 and set a “hold” rating for the company in a research report on Thursday, July 5th. Susquehanna Bancshares started coverage on Concho Resources in a research report on Wednesday, July 11th. They set a “positive” rating and a $175.00 price objective for the company. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $200.00 price objective on shares of Concho Resources in a research report on Friday, July 13th. Seven research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $177.70.

In related news, Director Steven L. Beal sold 2,500 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total transaction of $343,100.00. Following the completion of the sale, the director now directly owns 75,548 shares in the company, valued at $10,368,207.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the sale, the senior vice president now owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The disclosure for this sale can be found here. Insiders sold 17,500 shares of company stock valued at $2,376,320 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Several large investors have recently made changes to their positions in CXO. Millennium Management LLC purchased a new stake in shares of Concho Resources during the second quarter worth $166,582,000. FMR LLC raised its holdings in shares of Concho Resources by 16.2% during the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after acquiring an additional 668,035 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of Concho Resources by 16,439.1% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock worth $54,413,000 after acquiring an additional 390,921 shares in the last quarter. Strs Ohio raised its holdings in shares of Concho Resources by 2,550.7% during the second quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock worth $40,523,000 after acquiring an additional 281,855 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Concho Resources by 28.3% during the second quarter. Voya Investment Management LLC now owns 1,203,505 shares of the oil and natural gas company’s stock worth $166,505,000 after acquiring an additional 265,730 shares in the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.

Shares of NYSE:CXO opened at $147.95 on Friday. Concho Resources has a one year low of $123.63 and a one year high of $163.11. The firm has a market cap of $30.59 billion, a PE ratio of 70.46 and a beta of 0.94. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75.

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

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