Sciencast Management LP bought a new position in shares of Concho Resources Inc (NYSE:CXO) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 6,958 shares of the oil and natural gas company’s stock, valued at approximately $1,111,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC raised its stake in Concho Resources by 10.0% in the 4th quarter. Jennison Associates LLC now owns 6,201,680 shares of the oil and natural gas company’s stock worth $931,616,000 after purchasing an additional 561,485 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Concho Resources in the 4th quarter worth about $63,152,000. BlackRock Inc. raised its stake in Concho Resources by 4.3% in the 4th quarter. BlackRock Inc. now owns 9,749,957 shares of the oil and natural gas company’s stock worth $1,464,638,000 after purchasing an additional 402,681 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Concho Resources by 45.2% in the 3rd 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 purchasing an additional 377,438 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its stake in Concho Resources by 3,704.2% in the 4th quarter. OppenheimerFunds Inc. now owns 297,754 shares of the oil and natural gas company’s stock worth $44,729,000 after purchasing an additional 289,927 shares in the last quarter. Institutional investors own 95.70% of the company’s stock.
Several brokerages have weighed in on CXO. UBS Group began coverage on shares of Concho Resources in a research note on Wednesday, March 7th. They issued a “buy” rating and a $180.00 price objective for the company. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b-” rating in a research note on Tuesday, February 20th. Jefferies Group set a $190.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Morgan Stanley lifted their price objective on shares of Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Finally, SunTrust Banks cut shares of Concho Resources from a “buy” rating to a “hold” rating and set a $180.00 price objective for the company. in a research note on Tuesday, February 6th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and a consensus target price of $169.35.
Concho Resources Inc (NYSE CXO) opened at $153.48 on Tuesday. The company has a market cap of $22,850.62, a P/E ratio of 23.94, a PEG ratio of 0.90 and a beta of 1.01. The company has a quick ratio of 0.50, a current ratio of 0.51 and a debt-to-equity ratio of 0.30. Concho Resources Inc has a 12-month low of $106.73 and a 12-month high of $162.91.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.46 by $0.20. The company had revenue of $780.00 million during the quarter, compared to analysts’ expectations of $720.51 million. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The business’s revenue for the quarter was up 48.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. sell-side analysts predict that Concho Resources Inc will post 3.77 earnings per share for the current fiscal year.
In related news, Director Ray M. Poage sold 4,000 shares of Concho Resources stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the sale, the director now directly owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP E Joseph Wright sold 83,759 shares of Concho Resources stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the sale, the vice president now directly owns 159,268 shares in the company, valued at $23,614,666.36. The disclosure for this sale can be found here. Insiders have sold a total of 127,759 shares of company stock worth $18,948,027 over the last ninety days. 0.99% of the stock is currently owned by insiders.
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Concho Resources Company 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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