Concho Resources (NYSE:CXO) Price Target Lowered to $136.00 at Bank of America

Concho Resources (NYSE:CXO) had its price target reduced by Bank of America from $145.00 to $136.00 in a research note published on Thursday, BenzingaRatingsTable reports. Bank of America currently has a buy rating on the oil and natural gas company’s stock.

Several other equities research analysts have also weighed in on CXO. Barclays lifted their price objective on Concho Resources from $161.00 to $165.00 and gave the stock an overweight rating in a report on Wednesday, May 15th. Williams Capital reiterated a buy rating and issued a $155.00 price target (down from $171.00) on shares of Concho Resources in a report on Thursday. Morgan Stanley cut their price target on Concho Resources from $136.00 to $131.00 and set an overweight rating on the stock in a report on Friday, July 12th. SunTrust Banks reiterated a buy rating and issued a $135.00 price target on shares of Concho Resources in a report on Tuesday, June 11th. Finally, Susquehanna Bancshares cut their price target on Concho Resources from $150.00 to $143.00 and set a positive rating on the stock in a report on Wednesday, June 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $153.56.

CXO traded down $3.12 during trading hours on Thursday, hitting $72.85. The stock had a trading volume of 7,816,599 shares, compared to its average volume of 2,045,207. The firm’s fifty day simple moving average is $99.90. Concho Resources has a 1 year low of $72.76 and a 1 year high of $160.81. The stock has a market capitalization of $15.16 billion, a PE ratio of 15.87 and a beta of 1.16. 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 announced its quarterly earnings data on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.05). Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The firm had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the business posted $1.24 EPS. The company’s revenue was up 19.3% compared to the same quarter last year. Analysts predict that Concho Resources will post 3.62 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 9th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.50 annualized dividend and a yield of 0.69%. Concho Resources’s dividend payout ratio (DPR) is 10.89%.

Hedge funds have recently made changes to their positions in the stock. Boston Partners bought a new stake in Concho Resources during the first quarter worth about $65,541,000. State of Tennessee Treasury Department lifted its holdings in shares of Concho Resources by 836.9% in the first quarter. State of Tennessee Treasury Department now owns 486,192 shares of the oil and natural gas company’s stock worth $53,948,000 after acquiring an additional 434,299 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Concho Resources by 20.1% in the first quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock worth $273,580,000 after acquiring an additional 412,726 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Concho Resources by 58.6% in the fourth quarter. Deutsche Bank AG now owns 669,228 shares of the oil and natural gas company’s stock worth $68,781,000 after acquiring an additional 247,290 shares during the last quarter. Finally, Hexavest Inc. lifted its holdings in shares of Concho Resources by 157.3% in the second quarter. Hexavest Inc. now owns 373,955 shares of the oil and natural gas company’s stock worth $38,585,000 after acquiring an additional 228,639 shares during the last quarter. Hedge funds and other institutional investors own 94.60% of the company’s stock.

Concho Resources Company Profile

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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