The stock of Concho Resources Inc (NYSE:CXO) hit a new 52-week high and has $164.92 target or 22.00% above today’s $135.18 share price. The 9 months bullish chart indicates low risk for the $19.56 billion company. The 1-year high was reported on Oct, 3 by Barchart.com. If the $164.92 price target is reached, the company will be worth $4.30B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 137,569 shares traded hands. Concho Resources Inc (NYSE:CXO) has risen 52.21% since February 29, 2016 and is uptrending. It has outperformed by 39.99% the S&P500.
Analysts await Concho Resources Inc (NYSE:CXO) to report earnings on November, 2. They expect $0.16 EPS, down 51.52% or $0.17 from last year’s $0.33 per share. CXO’s profit will be $23.14 million for 211.19 P/E if the $0.16 EPS becomes a reality. After $0.26 actual EPS reported by Concho Resources Inc for the previous quarter, Wall Street now forecasts -38.46% negative EPS growth.
Concho Resources Inc (NYSE:CXO) Ratings Coverage
Out of 19 analysts covering Concho Resources Inc. (NYSE:CXO), 13 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 68% are positive. Concho Resources Inc. has been the topic of 50 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Suntrust Robinson downgraded Concho Resources Inc (NYSE:CXO) rating on Tuesday, October 6. Suntrust Robinson has “Neutral” rating and $115 price target. The company was maintained on Monday, August 22 by Piper Jaffray. On Monday, September 14 the stock rating was maintained by Citigroup with “Buy”. The firm earned “Outperform” rating on Wednesday, July 22 by Credit Suisse. The firm earned “Market Perform” rating on Monday, April 18 by Cowen & Co. The stock of Concho Resources Inc (NYSE:CXO) earned “Buy” rating by Citigroup on Thursday, April 7. The stock of Concho Resources Inc (NYSE:CXO) earned “Buy” rating by Citigroup on Thursday, August 11. As per Friday, September 11, the company rating was downgraded by Goldman Sachs. The company was downgraded on Monday, August 31 by Vetr. The stock of Concho Resources Inc (NYSE:CXO) earned “Buy” rating by Deutsche Bank on Wednesday, December 9.
According to Zacks Investment Research, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays.”
Insitutional Activity: The institutional sentiment decreased to 1.05 in 2016 Q2. Its down 0.61, from 1.66 in 2016Q1. The ratio dropped, as 44 funds sold all Concho Resources Inc shares owned while 143 reduced positions. 53 funds bought stakes while 144 increased positions. They now own 126.97 million shares or 3.12% less from 131.06 million shares in 2016Q1.
Lombard Odier Asset Mngmt (Usa) Corporation last reported 136,140 shares in the company. Assetmark has invested 0% of its portfolio in Concho Resources Inc (NYSE:CXO). General Communications holds 0.22% of its portfolio in Concho Resources Inc (NYSE:CXO) for 359,822 shares. Passport Cap Limited Liability Corp reported 438,008 shares or 0.95% of all its holdings. Raymond James Financial Services reported 138,672 shares or 0.16% of all its holdings. Pax Management Ltd Company, a New Hampshire-based fund reported 10,000 shares. Raymond James Assoc last reported 155,922 shares in the company. Benjamin F Edwards & Communication reported 32 shares or 0% of all its holdings. Paloma Prns Mgmt Com holds 0.02% or 17,194 shares in its portfolio. Bridgewater Associate Lp accumulated 39,653 shares or 0.06% of the stock. Moreover, Manufacturers Life Insur The has 0.02% invested in Concho Resources Inc (NYSE:CXO) for 134,959 shares. Commercial Bank Of America De has 386,889 shares for 0.01% of their US portfolio. State Street owns 6.20 million shares or 0.08% of their US portfolio. Moreover, Rhumbline Advisers has 0.07% invested in Concho Resources Inc (NYSE:CXO) for 186,563 shares. Moreover, Euclid Advisors Ltd Liability Corporation has 0.01% invested in Concho Resources Inc (NYSE:CXO) for 1,920 shares.
Insider Transactions: Since June 6, 2016, the stock had 0 insider buys, and 1 insider sale for $1.95 million net activity. Another trade for 16,250 shares valued at $1.95 million was made by BEAL STEVEN L on Monday, June 6.
CXO Company Profile
Concho Resources Inc., incorporated on February 22, 2006, is an independent oil and natural gas firm engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s activities are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States. The Company’s three core operating areas include New Mexico Shelf, where the Company primarily targets the Yeso formation with horizontal drilling; Delaware Basin, where it uses horizontal drilling and technology to target the Bone Spring formation (including the Avalon shale and the Bone Spring sands) and the Wolfcamp shale formation, and Midland Basin, where it targets the Wolfcamp and Spraberry formations with horizontal drilling.
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