Credit Suisse Group Lowers Concho Resources (NYSE:CXO) Price Target to $105.00

Concho Resources (NYSE:CXO) had its price objective cut by Credit Suisse Group from $120.00 to $105.00 in a research note issued to investors on Thursday, The Fly reports. They currently have a neutral rating on the oil and natural gas company’s stock.

CXO has been the subject of a number of other reports. SunTrust Banks reiterated a buy rating and set a $135.00 price objective on shares of Concho Resources in a research note on Tuesday, June 11th. Citigroup initiated coverage on Concho Resources in a report on Tuesday, April 9th. They issued a buy rating and a $112.00 target price on the stock. Bank of America reduced their target price on Concho Resources from $145.00 to $136.00 and set a buy rating on the stock in a report on Thursday. Williams Capital reiterated a buy rating and issued a $155.00 target price (down previously from $171.00) on shares of Concho Resources in a report on Thursday. Finally, Morgan Stanley cut their price objective on Concho Resources from $136.00 to $131.00 and set an overweight rating on the stock in a research report on Friday, July 12th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company. Concho Resources has a consensus rating of Buy and a consensus target price of $153.56.

NYSE:CXO traded down $2.32 during mid-day trading on Thursday, reaching $70.53. The company’s stock had a trading volume of 1,420,868 shares, compared to its average volume of 2,230,321. Concho Resources has a 12-month low of $72.76 and a 12-month high of $160.81. The stock has a market capitalization of $14.09 billion, a PE ratio of 15.37 and a beta of 1.15. The company has a current ratio of 0.61, a quick ratio of 0.60 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $99.90.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the company earned $1.24 EPS. Concho Resources’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Concho Resources will post 3.59 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 9th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.71%. The ex-dividend date is Thursday, August 8th. Concho Resources’s dividend payout ratio is currently 10.89%.

A number of institutional investors have recently made changes to their positions in the stock. First Hawaiian Bank boosted its stake in Concho Resources by 2,400.0% in the first quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock valued at $28,000 after acquiring an additional 240 shares during the period. Mizuho Securities Co. Ltd. acquired a new position in Concho Resources in the second quarter valued at approximately $41,000. Valeo Financial Advisors LLC acquired a new position in Concho Resources in the first quarter valued at approximately $50,000. NEXT Financial Group Inc acquired a new position in Concho Resources in the second quarter valued at approximately $53,000. Finally, Icon Wealth Partners LLC acquired a new position in Concho Resources in the first quarter valued at approximately $57,000. 94.56% of the stock is owned by hedge funds and other 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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