Bank of New York Mellon Corp cut its stake in Concho Resources Inc (NYSE:CXO) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & 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 0.72% of Concho Resources worth $148,819,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of CXO. Oppenheimer Asset Management Inc. increased its position in shares of Concho Resources by 19.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 2,348 shares of the oil and natural gas company’s stock valued at $353,000 after acquiring an additional 386 shares during the last quarter. Kingfisher Capital LLC increased its position in shares of Concho Resources by 6.0% during the first quarter. Kingfisher Capital LLC now owns 6,940 shares of the oil and natural gas company’s stock valued at $1,043,000 after acquiring an additional 392 shares during the last quarter. IFM Investors Pty Ltd increased its position in shares of Concho Resources by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 4,845 shares of the oil and natural gas company’s stock valued at $728,000 after acquiring an additional 414 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Concho Resources by 25.6% during the second quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock valued at $300,000 after acquiring an additional 441 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of Concho Resources by 13.1% during the first quarter. Oppenheimer & Co. Inc. now owns 4,155 shares of the oil and natural gas company’s stock valued at $625,000 after acquiring an additional 481 shares during the last quarter. 97.50% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Mark B. Puckett purchased 2,000 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was purchased at an average cost of $134.39 per share, with a total value of $268,780.00. Following the completion of the acquisition, the director now directly owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.
Shares of NYSE CXO opened at $135.71 on Tuesday. Concho Resources Inc has a 1-year low of $106.73 and a 1-year high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market cap of $27.58 billion, a price-to-earnings ratio of 64.93 and a beta of 0.95.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm had revenue of $945.00 million during the quarter, compared to analyst estimates of $906.82 million. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was up 66.7% on a year-over-year basis. analysts anticipate that Concho Resources Inc will post 4.38 earnings per share for the current year.
A number of analysts recently commented on CXO shares. TD Securities started coverage on Concho Resources in a research report on Thursday, July 5th. They set a “hold” rating and a $150.00 price target for the company. Credit Suisse Group increased their price target on Concho Resources from $164.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, May 2nd. Piper Jaffray Companies reissued a “buy” rating and set a $220.00 price objective on shares of Concho Resources in a report on Friday, July 20th. TheStreet lowered Concho Resources from a “b” rating to a “c+” rating in a report on Tuesday, August 14th. Finally, Sanford C. Bernstein lowered Concho Resources from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $180.00 to $130.00 in a report on Thursday, June 7th. Nine analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Concho Resources currently has an average rating of “Buy” and a consensus target price of $175.48.
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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