Concho Resources (NYSE:CXO) Price Target Lowered to $100.00 at TD Securities

Concho Resources (NYSE:CXO) had its price objective cut by TD Securities from $115.00 to $100.00 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. The brokerage presently has a “hold” rating on the oil and natural gas company’s stock. TD Securities’ target price indicates a potential upside of 37.27% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on CXO. Williams Capital reaffirmed a “buy” rating and issued a $155.00 target price (down from $171.00) on shares of Concho Resources in a report on Thursday. Susquehanna Bancshares reduced their target price on Concho Resources from $150.00 to $143.00 and set a “positive” rating on the stock in a report on Wednesday, June 19th. Credit Suisse Group reduced their target price on Concho Resources from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday. Barclays lifted their target price on Concho Resources from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, May 15th. Finally, Morgan Stanley reduced their target price on Concho Resources from $136.00 to $131.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and a consensus price target of $153.56.

Shares of CXO stock traded down $3.12 during trading hours on Thursday, hitting $72.85. The stock had a trading volume of 8,016,589 shares, compared to its average volume of 1,336,263. Concho Resources has a one year low of $72.76 and a one year high of $160.81. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The business has a 50-day simple moving average of $99.90. The stock has a market capitalization of $14.61 billion, a PE ratio of 15.87 and a beta of 1.15.

Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a return on equity of 4.11% and a net margin of 11.63%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm posted $1.24 earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, analysts forecast that Concho Resources will post 3.62 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its position in shares of Concho Resources by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 2,548,154 shares of the oil and natural gas company’s stock valued at $261,459,000 after buying an additional 181,294 shares during the period. American Century Companies Inc. boosted its position in shares of Concho Resources by 20.1% during the first quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock valued at $273,580,000 after buying an additional 412,726 shares during the period. Northern Trust Corp boosted its position in shares of Concho Resources by 0.9% during the first quarter. Northern Trust Corp now owns 2,330,088 shares of the oil and natural gas company’s stock valued at $258,546,000 after buying an additional 21,749 shares during the period. FIL Ltd boosted its position in shares of Concho Resources by 11.8% during the first quarter. FIL Ltd now owns 1,716,909 shares of the oil and natural gas company’s stock valued at $190,508,000 after buying an additional 181,581 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Concho Resources by 10.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 846,869 shares of the oil and natural gas company’s stock valued at $93,969,000 after buying an additional 82,241 shares during the period. 94.60% of the stock is currently owned by institutional investors.

About Concho Resources

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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Analyst Recommendations for Concho Resources (NYSE:CXO)

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