California State Teachers Retirement System Has $38.64 Million Stake in Concho Resources (CXO)

California State Teachers Retirement System lowered its stake in shares of Concho Resources (NYSE:CXO) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 257,210 shares of the oil and natural gas company’s stock after selling 11,274 shares during the period. California State Teachers Retirement System owned 0.17% of Concho Resources worth $38,638,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Morgens Waterfall Vintiadis & Co. Inc. purchased a new position in Concho Resources during the fourth quarter worth about $511,000. Discovery Capital Management LLC CT raised its holdings in shares of Concho Resources by 9.2% in the 4th quarter. Discovery Capital Management LLC CT now owns 206,122 shares of the oil and natural gas company’s stock worth $30,964,000 after purchasing an additional 17,422 shares during the period. Advisor Group Inc. raised its holdings in shares of Concho Resources by 1,775.0% during the 4th quarter. Advisor Group Inc. now owns 10,669 shares of the oil and natural gas company’s stock valued at $1,603,000 after buying an additional 10,100 shares during the period. Gardner Lewis Asset Management L P raised its holdings in shares of Concho Resources by 12.7% during the 4th quarter. Gardner Lewis Asset Management L P now owns 28,684 shares of the oil and natural gas company’s stock valued at $4,309,000 after buying an additional 3,224 shares during the period. Finally, Quantitative Investment Management LLC purchased a new stake in shares of Concho Resources during the 4th quarter valued at about $4,506,000. 95.70% of the stock is currently owned by institutional investors and hedge funds.

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Shares of NYSE CXO traded down $6.02 during trading hours on Friday, hitting $133.63. 3,024,280 shares of the company’s stock were exchanged, compared to its average volume of 2,322,726. Concho Resources has a 1-year low of $106.73 and a 1-year high of $162.91. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 0.51. The stock has a market capitalization of $20,817.33, a PE ratio of 63.94 and a beta of 0.97.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.20. Concho Resources had a return on equity of 3.61% and a net margin of 36.97%. The business had revenue of $780.00 million during the quarter, compared to analysts’ expectations of $720.51 million. During the same quarter in the previous year, the firm earned $0.20 EPS. The firm’s revenue was up 48.6% compared to the same quarter last year. equities research analysts forecast that Concho Resources will post 3.74 EPS for the current fiscal year.

A number of equities research analysts have weighed in on CXO shares. Zacks Investment Research lowered Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, December 18th. Credit Suisse Group initiated coverage on Concho Resources in a research report on Monday, December 11th. They set a “neutral” rating and a $136.00 price objective for the company. KLR Group downgraded Concho Resources to a “hold” rating and set a $154.00 target price on the stock. in a research note on Wednesday, December 27th. Royal Bank of Canada set a $167.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, Bank of America upgraded Concho Resources from a “neutral” rating to a “buy” rating and set a $190.00 price target on the stock in a report on Thursday, January 4th. Eight research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $171.19.

In other Concho Resources news, VP E Joseph Wright sold 83,759 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total value of $12,418,946.93. Following the completion of the transaction, the vice president now owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Timothy A. Leach sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total value of $5,925,600.00. Following the completion of the transaction, the chairman now directly owns 737,837 shares of the company’s stock, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. Corporate insiders own 0.99% of the company’s stock.

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About Concho Resources

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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