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Increased Earnings Estimates Seen for Concho Resources (CXO): Can It Move Higher?

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Concho Resources Inc. (CXO - Free Report) is an independent oil and natural gas company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CXO’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Concho Resources could be a solid choice for investors.

Current Quarter Estimates for CXO

In the past 30 days, eight estimates have gone higher for Concho Resources while two have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 33 cents a share 30 days ago, to 40 cents today, a move of 21.2%.

Current Year Estimates for CXO

Meanwhile, Concho Resources current year figures are also looking quite promising, with 12 estimates moving higher in the past month, compared to two lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $1.60 per share 30 days ago to $1.79 per share today, an increase of 11.9%.

Concho Resources Inc. Price and Consensus

Concho Resources Inc. Price and Consensus | Concho Resources Inc. Quote

Bottom Line

The stock has also started to move higher lately, adding 6.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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