Xact Kapitalforvaltning AB grew its holdings in shares of Concho Resources (NYSE:CXO) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,847 shares of the oil and natural gas company’s stock after purchasing an additional 2,029 shares during the period. Xact Kapitalforvaltning AB’s holdings in Concho Resources were worth $2,230,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. grew its position in Concho Resources by 4.3% during 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 during the period. Jennison Associates LLC grew its position in Concho Resources by 10.0% during 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 during the period. Carmignac Gestion grew its position in Concho Resources by 7.6% during the 3rd quarter. Carmignac Gestion now owns 2,663,795 shares of the oil and natural gas company’s stock worth $350,875,000 after purchasing an additional 189,251 shares during the period. Geode Capital Management LLC grew its position in Concho Resources by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 1,568,279 shares of the oil and natural gas company’s stock worth $235,092,000 after purchasing an additional 51,345 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Concho Resources by 45.2% during 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 during the period. Hedge funds and other institutional investors own 95.74% of the company’s stock.
In other news, Chairman Timothy A. Leach sold 40,000 shares of Concho Resources stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the sale, the chairman now owns 737,837 shares of the company’s stock, valued at approximately $109,303,173.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 approximately $23,614,666.36. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
CXO traded down $1.09 during trading on Friday, reaching $156.36. The company’s stock had a trading volume of 2,051,256 shares, compared to its average volume of 1,792,495. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.51 and a quick ratio of 0.50. Concho Resources has a 1 year low of $106.73 and a 1 year high of $162.91. The firm has a market capitalization of $23,378.32, a price-to-earnings ratio of 74.81 and a beta of 0.97.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.20. The firm had revenue of $780.00 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company earned $0.20 EPS. equities analysts anticipate that Concho Resources will post 3.72 earnings per share for the current fiscal year.
Several brokerages have weighed in on CXO. Sanford C. Bernstein began coverage on Concho Resources in a research report on Thursday, February 1st. They set an “outperform” rating and a $187.00 price target on the stock. Morgan Stanley increased their price target on Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. SunTrust Banks cut Concho Resources from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a research report on Tuesday, February 6th. They noted that the move was a valuation call. Mitsubishi UFJ Financial Group restated an “overweight” rating on shares of Concho Resources in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus dropped their target price on Concho Resources from $212.00 to $210.00 and set a “buy” rating on the stock in a research report on Monday, April 9th. Nine investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $171.24.
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Concho Resources Company 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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