Time New York: Thu 24 May 04:15 am  |  Save 15% on H&R Block Online

  
caticonslite_bm_alt

Time to Focus on Concho Resources (CXO) for Strong Earnings Growth Potential

Zacks

Growth stocks can be some of the most exciting picks in the market, as these high-flyers can captivate investors’ attention, and produce big gains as well. However, they can also lead on the downside when the growth story is over, so it is important to find companies which are still seeing strong growth prospects in their businesses.

One such company that might be well-positioned for future earnings growth is Concho Resources Inc. CXO. This firm, which is in the Oil and Gas – Exploration and Production – United States industry, saw EPS growth of 158% last year, and is looking great for this year too.

In fact, the current growth estimate for this year calls for earnings-per-share growth of 80.3%. Furthermore, the long-term growth rate is currently an impressive 45%, suggesting pretty good prospects for the long haul.

Concho Resources Inc. Price and Consensus

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


And if this wasn’t enough, the stock has actually seen estimates rise over the past month for the current fiscal year by about 16.4%. Thanks to this rise in earnings estimates, CXO has a Zacks Rank #1 (Strong Buy) which further underscores the potential for outperformance in this company. You can see the complete list of today’s Zacks #1 Rank stocks here.

So if you are looking for a fast growing stock that is still seeing plenty of opportunities on the horizon, make sure to consider CXO. Not only does it have double-digit earnings growth prospects, but its impressive Zacks Rank suggests that analysts believe better days are ahead for CXO as well.

The Hottest Tech Mega-Trend of All

Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research
<-- You can share this post with your network,
or give us your opinion and leave a comment.
Be sure to check our RSS feeds for updates.