Concho Resources Inc (CXO) Given Consensus Recommendation of “Buy” by Analysts
Concho Resources Inc (NYSE:CXO) has received an average rating of “Buy” from the twenty-nine brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $164.30.
CXO has been the topic of several analyst reports. ValuEngine downgraded shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. TheStreet raised shares of Concho Resources from a “c” rating to a “b-” rating in a research report on Tuesday, February 19th. Williams Capital reissued a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a research report on Monday, February 11th. Morgan Stanley set a $154.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Finally, Barclays set a $153.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research report on Thursday, April 11th.
Concho Resources stock opened at $114.03 on Friday. The company has a market capitalization of $22.32 billion, a PE ratio of 24.84, a PEG ratio of 0.87 and a beta of 1.11. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.25. Concho Resources has a fifty-two week low of $93.31 and a fifty-two week high of $160.81.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Thursday, May 9th. Concho Resources’s payout ratio is presently 10.89%.
In other Concho Resources news, Chairman Timothy A. Leach sold 54,545 shares of Concho Resources stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the completion of the sale, the chairman now directly owns 680,041 shares in the company, valued at $74,355,682.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven D. Gray sold 7,000 shares of Concho Resources stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $120.00, for a total transaction of $840,000.00. Following the completion of the sale, the director now owns 179,039 shares of the company’s stock, valued at $21,484,680. The disclosure for this sale can be found here. Insiders have sold 77,745 shares of company stock worth $8,532,784 over the last ninety days. 1.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. National Pension Service lifted its stake in Concho Resources by 4.4% in the fourth quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock valued at $20,817,000 after acquiring an additional 7,334 shares during the last quarter. Perella Weinberg Partners Capital Management LP acquired a new stake in Concho Resources in the fourth quarter valued at approximately $28,109,000. Jackson Hole Capital Partners LLC acquired a new stake in Concho Resources in the fourth quarter valued at approximately $611,000. Boenning & Scattergood Inc. lifted its stake in Concho Resources by 24.4% in the fourth quarter. Boenning & Scattergood Inc. now owns 7,376 shares of the oil and natural gas company’s stock valued at $758,000 after acquiring an additional 1,449 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in Concho Resources by 40.1% in the fourth quarter. Prudential Financial Inc. now owns 293,331 shares of the oil and natural gas company’s stock valued at $30,146,000 after acquiring an additional 84,000 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.
About Concho Resources
Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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