State Treasurer State of Michigan trimmed its holdings in Concho Resources Inc. (NYSE:CXO) by 7.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,132 shares of the oil and natural gas company’s stock after selling 3,600 shares during the quarter. State Treasurer State of Michigan’s holdings in Concho Resources were worth $5,945,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CXO. JPMorgan Chase & Co. boosted its position in shares of Concho Resources by 30.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock valued at $825,288,000 after acquiring an additional 1,599,084 shares during the last quarter. Capital World Investors raised its holdings in Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock valued at $1,311,613,000 after buying an additional 1,034,000 shares during the period. Vanguard Group Inc. raised its holdings in Concho Resources by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after buying an additional 454,428 shares during the period. TimesSquare Capital Management LLC purchased a new stake in Concho Resources during the 2nd quarter valued at $52,513,000. Finally, Carmignac Gestion raised its holdings in Concho Resources by 11.2% during the 2nd quarter. Carmignac Gestion now owns 2,474,544 shares of the oil and natural gas company’s stock valued at $300,731,000 after buying an additional 248,406 shares during the period. Hedge funds and other institutional investors own 92.34% of the company’s stock.
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Several research firms recently weighed in on CXO. Citigroup Inc. decreased their price target on Concho Resources from $166.00 to $151.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Cowen and Company set a $145.00 target price on Concho Resources and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Jefferies Group LLC set a $140.00 target price on Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, July 19th. ValuEngine upgraded Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. Finally, Piper Jaffray Companies reduced their target price on Concho Resources from $167.00 to $142.00 and set an “overweight” rating on the stock in a research note on Monday, September 18th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $151.35.
Shares of Concho Resources Inc. (NYSE:CXO) traded down $1.22 during mid-day trading on Friday, reaching $143.21. The company had a trading volume of 830,700 shares, compared to its average volume of 1,296,673. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $21,476.16, a PE ratio of 87.01 and a beta of 1.09. Concho Resources Inc. has a 52 week low of $106.73 and a 52 week high of $147.77.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. The business had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The business’s revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. research analysts anticipate that Concho Resources Inc. will post 1.79 EPS for the current year.
Concho Resources Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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