Wells Fargo & Co Lowers Concho Resources (NYSE:CXO) Price Target to $104.00

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Concho Resources (NYSE:CXO) had its target price lowered by stock analysts at Wells Fargo & Co from $105.00 to $104.00 in a report released on Friday, September 20th, BenzingaRatingsTable reports. The firm presently has an “outperform” rating on the oil and natural gas company’s stock. Wells Fargo & Co‘s target price suggests a potential upside of 58.20% from the stock’s previous close.

A number of other brokerages have also recently issued reports on CXO. Susquehanna Bancshares lowered their price target on shares of Concho Resources from $150.00 to $143.00 and set a “positive” rating for the company in a research report on Wednesday, June 19th. Credit Suisse Group lowered their price target on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. MKM Partners lowered their price target on shares of Concho Resources from $131.00 to $118.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Stifel Nicolaus set a $188.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, TD Securities decreased their target price on shares of Concho Resources from $100.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty have assigned 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 $140.19.

Shares of CXO stock traded up $1.55 on Friday, hitting $65.74. 1,562,221 shares of the company’s stock traded hands, compared to its average volume of 2,286,082. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.59 and a current ratio of 0.61. Concho Resources has a one year low of $61.37 and a one year high of $153.38. The company’s fifty day simple moving average is $70.10 and its 200 day simple moving average is $93.38. The stock has a market capitalization of $12.70 billion, a price-to-earnings ratio of 14.32 and a beta of 1.20.

Concho Resources (NYSE:CXO) last released its 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 the consensus estimate of $1.11 billion. During the same period in the prior year, the business posted $1.24 EPS. Concho Resources’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Concho Resources will post 3.08 earnings per share for the current fiscal year.

In other Concho Resources news, CFO Brenda R. Schroer purchased 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $69.67 per share, with a total value of $104,505.00. Following the purchase, the chief financial officer now owns 35,137 shares in the company, valued at $2,447,994.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Jack F. Harper purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $65.40 per share, for a total transaction of $654,000.00. Following the completion of the purchase, the president now owns 170,605 shares in the company, valued at approximately $11,157,567. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 16,200 shares of company stock worth $1,084,349. Corporate insiders own 1.10% of the company’s stock.

Large investors have recently modified their holdings of the business. Mizuho Securities Co. Ltd. purchased a new stake in shares of Concho Resources during the 2nd quarter valued at about $41,000. Crewe Advisors LLC bought a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $51,000. Covington Capital Management grew its stake in shares of Concho Resources by 81.2% in the 2nd quarter. Covington Capital Management now owns 500 shares of the oil and natural gas company’s stock valued at $52,000 after purchasing an additional 224 shares during the period. NEXT Financial Group Inc bought a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $53,000. Finally, Icon Wealth Partners LLC bought a new stake in shares of Concho Resources in the 1st quarter valued at approximately $57,000. 95.21% of the stock is currently 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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Analyst Recommendations for Concho Resources (NYSE:CXO)

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