IFM Investors Pty Ltd purchased a new stake in shares of Concho Resources Inc. (NYSE:CXO) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,431 shares of the oil and natural gas company’s stock, valued at approximately $584,000.
Several other institutional investors and hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. increased its position in Concho Resources by 30.8% in the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after buying an additional 1,599,084 shares during the last quarter. Capital World Investors increased its position in Concho Resources by 10.6% in the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after buying an additional 1,034,000 shares during the last quarter. Vanguard Group Inc. increased its position in Concho Resources by 3.1% in the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after buying an additional 454,428 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Concho Resources in the second quarter worth $52,513,000. Finally, Dimensional Fund Advisors LP increased its position in Concho Resources by 45.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,213,337 shares of the oil and natural gas company’s stock worth $159,823,000 after buying an additional 377,438 shares during the last quarter. 94.55% of the stock is owned by institutional investors.
A number of analysts have issued reports on CXO shares. Jefferies Group reissued a “hold” rating and issued a $109.00 target price (down from $130.00) on shares of Concho Resources in a research report on Tuesday, August 29th. KeyCorp set a $150.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, October 19th. Barclays raised their target price on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Morgan Stanley raised their target price on Concho Resources from $152.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Finally, Royal Bank of Canada set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Thursday, August 24th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Concho Resources presently has an average rating of “Buy” and a consensus price target of $152.42.
Concho Resources Inc. (CXO) opened at $136.80 on Friday. The firm has a market capitalization of $20,563.17, a price-to-earnings ratio of 83.31 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. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.19. The company 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 firm’s quarterly 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. analysts anticipate that Concho Resources Inc. will post 1.82 EPS for the current year.
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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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