Bank of New York Mellon Corp trimmed its position in shares of Concho Resources Inc (NYSE:CXO) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,075,656 shares of the oil and natural gas company’s stock after selling 6,046 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Concho Resources worth $148,819,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the business. Global X Management Co LLC grew its stake in shares of Concho Resources by 48.3% during the second quarter. Global X Management Co LLC now owns 4,384 shares of the oil and natural gas company’s stock valued at $607,000 after purchasing an additional 1,427 shares during the last quarter. Verition Fund Management LLC grew its stake in shares of Concho Resources by 50.5% during the second quarter. Verition Fund Management LLC now owns 9,000 shares of the oil and natural gas company’s stock valued at $1,245,000 after purchasing an additional 3,019 shares during the last quarter. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new stake in shares of Concho Resources during the second quarter valued at approximately $727,000. HPM Partners LLC grew its stake in shares of Concho Resources by 17.0% during the second quarter. HPM Partners LLC now owns 5,217 shares of the oil and natural gas company’s stock valued at $722,000 after purchasing an additional 757 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Concho Resources during the second quarter valued at approximately $166,582,000. 77.59% of the stock is currently owned by hedge funds and other institutional investors.
CXO opened at $141.05 on Monday. The company has a current ratio of 0.55, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $28.25 billion, a price-to-earnings ratio of 67.49 and a beta of 1.00. Concho Resources Inc has a twelve month low of $123.63 and a twelve month high of $163.11.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business’s revenue for the quarter was up 90.1% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. Research analysts predict that Concho Resources Inc will post 4.82 earnings per share for the current year.
CXO has been the topic of several analyst reports. Piper Jaffray Companies restated a “buy” rating and issued a $220.00 price objective on shares of Concho Resources in a report on Friday, July 20th. Williams Capital restated a “buy” rating and issued a $189.00 price objective on shares of Concho Resources in a report on Monday, July 23rd. Susquehanna Bancshares initiated coverage on shares of Concho Resources in a report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 price objective on the stock. ValuEngine lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Finally, Morgan Stanley restated a “hold” rating and issued a $178.00 price objective (up from $163.00) on shares of Concho Resources in a report on Friday, October 12th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $181.08.
In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the sale, the senior vice president now directly owns 16,193 shares in the company, valued at $2,264,752.98. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven L. Beal sold 2,500 shares of the stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total transaction of $343,100.00. Following the completion of the sale, the director now owns 75,548 shares in the company, valued at $10,368,207.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,500 shares of company stock worth $2,376,320. Company insiders own 1.10% of the company’s stock.
Concho Resources Profile
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.
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