Concho Resources (NYSE:CXO) Lowered to Hold at Johnson Rice

Johnson Rice downgraded shares of Concho Resources (NYSE:CXO) from a buy rating to a hold rating in a research report released on Monday morning, The Fly reports.

A number of other analysts have also issued reports on the company. Williams Capital reaffirmed a buy rating and set a $155.00 target price (down from $171.00) on shares of Concho Resources in a research report on Thursday, August 1st. Credit Suisse Group lowered their price objective on Concho Resources from $120.00 to $105.00 and set a neutral rating for the company in a report on Thursday, August 1st. TD Securities lowered their price objective on Concho Resources from $115.00 to $100.00 and set a hold rating for the company in a report on Thursday, August 1st. KeyCorp boosted their price objective on Concho Resources from $121.00 to $124.00 and gave the company an overweight rating in a report on Monday, April 22nd. Finally, Morgan Stanley lowered their price objective on Concho Resources from $136.00 to $131.00 and set an overweight rating for the company in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $153.56.

CXO stock opened at $68.30 on Monday. Concho Resources has a 52-week low of $69.65 and a 52-week high of $160.81. The firm has a market capitalization of $13.97 billion, a PE ratio of 14.88 and a beta of 1.15. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. The business’s fifty day simple moving average is $98.34.

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 for the quarter, missing the Zacks’ 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 firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the business posted $1.24 EPS. Concho Resources’s revenue was up 19.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Concho Resources will post 3.59 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 9th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.50 dividend on an annualized basis and a yield of 0.73%. Concho Resources’s payout ratio is currently 10.89%.

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its position in 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 acquiring an additional 181,294 shares in the last quarter. Squarepoint Ops LLC purchased a new position in Concho Resources during the fourth quarter valued at approximately $660,000. Macquarie Group Ltd. raised its position in Concho Resources by 73.0% during the fourth quarter. Macquarie Group Ltd. now owns 3,287 shares of the oil and natural gas company’s stock valued at $339,000 after acquiring an additional 1,387 shares in the last quarter. First Hawaiian Bank raised its position in Concho Resources by 2,400.0% during 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 in the last quarter. Finally, Hexavest Inc. purchased a new position in Concho Resources during the first quarter valued at approximately $16,124,000. Institutional investors own 94.56% of the company’s stock.

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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