Concho Resources (NYSE:CXO) Price Target Cut to $141.00 by Analysts at Barclays

Concho Resources (NYSE:CXO) had its target price trimmed by Barclays from $165.00 to $141.00 in a research note released on Thursday, November 7th, Stock Target Advisor reports. The firm currently has an overweight rating on the oil and natural gas company’s stock.

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Several other research analysts have also recently weighed in on CXO. Stifel Nicolaus set a $188.00 price objective on shares of Concho Resources and gave the stock a buy rating in a research report on Friday, August 2nd. Williams Capital restated a buy rating and issued a $100.00 price objective on shares of Concho Resources in a research report on Wednesday, October 30th. Morgan Stanley decreased their price objective on shares of Concho Resources from $68.00 to $62.00 and set an underweight rating on the stock in a research report on Friday, October 4th. SunTrust Banks cut shares of Concho Resources from a buy rating to a hold rating and decreased their price objective for the stock from $100.00 to $70.00 in a research report on Wednesday, October 16th. Finally, Bank of America dropped their price objective on Concho Resources from $145.00 to $136.00 and set a buy rating for the company in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Concho Resources currently has an average rating of Buy and an average target price of $122.96.

Shares of CXO opened at $73.16 on Thursday. The business’s 50-day moving average price is $67.08 and its 200-day moving average price is $85.74. Concho Resources has a twelve month low of $61.37 and a twelve month high of $139.99. The stock has a market cap of $14.40 billion, a PE ratio of 15.94 and a beta of 1.23. The company has a quick ratio of 1.48, a current ratio of 1.51 and a debt-to-equity ratio of 0.23.

Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.05). Concho Resources had a net margin of 28.98% and a return on equity of 3.24%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company earned $1.42 earnings per share. The company’s quarterly revenue was down 6.5% on a year-over-year basis. Analysts expect that Concho Resources will post 2.79 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 8th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.50 annualized dividend and a yield of 0.68%. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.

A number of hedge funds and other institutional investors have recently modified their holdings of CXO. Retirement Systems of Alabama raised its holdings in Concho Resources by 12.4% in the 2nd quarter. Retirement Systems of Alabama now owns 281,147 shares of the oil and natural gas company’s stock worth $29,009,000 after purchasing an additional 30,941 shares in the last quarter. Sanders Morris Harris LLC grew its position in Concho Resources by 3.2% during the 2nd quarter. Sanders Morris Harris LLC now owns 6,871 shares of the oil and natural gas company’s stock valued at $709,000 after purchasing an additional 215 shares during the last quarter. Hexavest Inc. boosted its holdings in shares of Concho Resources by 157.3% during the 2nd quarter. Hexavest Inc. now owns 373,955 shares of the oil and natural gas company’s stock valued at $38,585,000 after acquiring an additional 228,639 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Concho Resources by 86.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 845 shares of the oil and natural gas company’s stock valued at $87,000 after acquiring an additional 391 shares during the last quarter. Finally, Grassi Investment Management boosted its holdings in shares of Concho Resources by 186.3% during the 2nd quarter. Grassi Investment Management now owns 5,225 shares of the oil and natural gas company’s stock valued at $539,000 after acquiring an additional 3,400 shares during the last quarter. Institutional investors and hedge funds own 94.86% 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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