MKM Partners Initiates Coverage on Concho Resources (NYSE:CXO). What May be Next?

Concho Resources Inc. (NYSE:CXO) Logo

Investors sentiment increased to 1.1 in 2018 Q2. Its up 0.12, from 0.98 in 2018Q1. It improved, as 48 investors sold Concho Resources Inc. shares while 144 reduced holdings. 65 funds opened positions while 146 raised stakes. 153.79 million shares or 7.26% more from 143.38 million shares in 2018Q1 were reported.

Stifel Fincl accumulated 12,037 shares. Qs Investors Ltd Com holds 0.02% of its portfolio in Concho Resources Inc. (NYSE:CXO) for 16,229 shares. Harvey Cap Mgmt reported 2,000 shares stake. Goldman Sachs Grp Inc has 0.06% invested in Concho Resources Inc. (NYSE:CXO). 48,791 were accumulated by Banque Pictet & Cie. Elk Creek Ltd Company owns 3,150 shares. Intact Mngmt Incorporated holds 0.01% or 1,600 shares in its portfolio. Rr Advisors Lc has invested 0.58% in Concho Resources Inc. (NYSE:CXO). Moreover, Interest Inc Ca has 0.05% invested in Concho Resources Inc. (NYSE:CXO). Old Mutual Customised Solutions (Proprietary) owns 1,611 shares. Federated Invsts Inc Pa invested 0% in Concho Resources Inc. (NYSE:CXO). Liberty Mutual Grp Asset Mgmt owns 0.02% invested in Concho Resources Inc. (NYSE:CXO) for 5,959 shares. Moreover, Adams Natural Fund has 1.42% invested in Concho Resources Inc. (NYSE:CXO) for 70,100 shares. 3G Prtnrs Lp stated it has 2.86% in Concho Resources Inc. (NYSE:CXO). Boyd Watterson Asset Management Limited Oh reported 4,040 shares.

Since July 19, 2018, it had 0 buys, and 4 insider sales for $2.88 million activity. $1.47M worth of Concho Resources Inc. (NYSE:CXO) shares were sold by Nelson Erick. BEAL STEVEN L had sold 2,500 shares worth $343,100 on Thursday, July 19. The insider Burleson Gayle sold $506,934.

Why Has MKM Partners Given Concho Resources (NYSE:CXO) a $176 Price Target

Research analysts at MKM Partners initiated coverage on shares of Concho Resources (NYSE:CXO) in an analyst report shared with investors and clients on Thursday, 6 December. The firm set “Buy” rating on the stock. MKM Partners’s price target of $176 suggests potential of 45.67 % from the stock’s last stock close price.

Concho Resources Inc. (NYSE:CXO) Ratings Coverage

Among 14 analysts covering Concho Resources (NYSE:CXO), 11 have Buy rating, 0 Sell and 3 Hold. Therefore 79% are positive. Concho Resources has $23000 highest and $150 lowest target. $178.58’s average target is 47.81% above currents $120.82 stock price. Concho Resources had 22 analyst reports since June 7, 2018 according to SRatingsIntel. As per Tuesday, September 25, the company rating was upgraded by SunTrust. The stock of Concho Resources Inc. (NYSE:CXO) earned “Buy” rating by KLR Group on Tuesday, July 24. Morgan Stanley maintained the stock with “Equal-Weight” rating in Wednesday, September 26 report. Bernstein downgraded the shares of CXO in report on Thursday, June 7 to “Hold” rating. Bernstein upgraded the shares of CXO in report on Thursday, November 1 to “Outperform” rating. Wells Fargo maintained Concho Resources Inc. (NYSE:CXO) on Wednesday, October 24 with “Outperform” rating. The firm has “Equal-Weight” rating by Morgan Stanley given on Tuesday, November 20. The firm has “Buy” rating given on Tuesday, November 27 by SunTrust. Barclays Capital maintained Concho Resources Inc. (NYSE:CXO) on Thursday, November 15 with “Equal-Weight” rating. The firm earned “Buy” rating on Tuesday, August 7 by Jefferies.

The stock decreased 5.91% or $7.59 during the last trading session, reaching $120.82. About 3.13 million shares traded or 72.13% up from the average. Concho Resources Inc. (NYSE:CXO) has risen 21.27% since December 7, 2017 and is uptrending. It has outperformed by 5.65% the S&P500.

Analysts await Concho Resources Inc. (NYSE:CXO) to report earnings on February, 19. They expect $1.30 earnings per share, up 96.97 % or $0.64 from last year’s $0.66 per share. CXO’s profit will be $258.54 million for 23.23 P/E if the $1.30 EPS becomes a reality. After $1.42 actual earnings per share reported by Concho Resources Inc. for the previous quarter, Wall Street now forecasts -8.45 % negative EPS growth.

Concho Resources Inc., an independent oil and natural gas company, engages in the acquisition, development, exploration, and production of oil and natural gas properties in the United States. The company has market cap of $24.03 billion. The companyÂ’s principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. It has a 18.57 P/E ratio. As of December 31, 2016, its total estimated proved reserves were 720.0 million barrels of oil equivalent.

More important recent Concho Resources Inc. (NYSE:CXO) news were published by: Gurufocus.com which released: “Dec 06, 2018 – World Capital Markets Plunge Thursday – GuruFocus.com” on December 06, 2018, also Globenewswire.com published article titled: “Recent Analysis Shows HudBay Minerals, Meridian Bioscience, ArQule, Mesoblast, Concho Resources, and Liberty Global Market Influences — Renewed Outlook, Key Drivers of Growth – GlobeNewswire”, Fool.com published: “Oil Stocks: The Shale Merger Wave Continues to Strengthen – Motley Fool” on November 19, 2018. More interesting news about Concho Resources Inc. (NYSE:CXO) was released by: Benzinga.com and their article: “The Election’s Impact On Energy, Fracking – Benzinga” with publication date: November 08, 2018.

Concho Resources Inc. (NYSE:CXO) Institutional Positions Chart

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