Gradient Investments LLC Reduces Position in Concho Resources Inc (CXO)

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Gradient Investments LLC trimmed its stake in shares of Concho Resources Inc (NYSE:CXO) by 12.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,330 shares of the oil and natural gas company’s stock after selling 461 shares during the quarter. Gradient Investments LLC’s holdings in Concho Resources were worth $461,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CXO. Sterling Investment Management Inc. acquired a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $648,000. American Century Companies Inc. lifted its holdings in shares of Concho Resources by 18.2% in the 2nd quarter. American Century Companies Inc. now owns 1,675,988 shares of the oil and natural gas company’s stock valued at $231,873,000 after buying an additional 258,371 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of Concho Resources by 3.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 550,857 shares of the oil and natural gas company’s stock valued at $76,212,000 after buying an additional 19,636 shares during the period. Systematic Financial Management LP acquired a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $1,454,000. Finally, CIBC World Markets Inc. lifted its holdings in shares of Concho Resources by 87.7% in the 2nd quarter. CIBC World Markets Inc. now owns 16,946 shares of the oil and natural gas company’s stock valued at $2,344,000 after buying an additional 7,916 shares during the period. 97.50% of the stock is owned by institutional investors.

Several analysts have recently commented on the company. Credit Suisse Group raised their price target on Concho Resources from $164.00 to $168.00 and gave the company a “neutral” rating in a report on Wednesday, May 2nd. Stifel Nicolaus set a $196.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Tuesday, April 24th. ValuEngine raised Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Stephens set a $217.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Tuesday, April 24th. Finally, JPMorgan Chase & Co. set a $180.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Tuesday, May 15th. Nine investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $175.48.

Concho Resources stock opened at $135.03 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. The firm has a market cap of $27.05 billion, a price-to-earnings ratio of 40.31 and a beta of 0.95. Concho Resources Inc has a fifty-two week low of $106.73 and a fifty-two week high of $163.11.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.32. The company had revenue of $945.00 million during the quarter, compared to the consensus estimate of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. Concho Resources’s revenue was up 66.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. research analysts anticipate that Concho Resources Inc will post 4.41 EPS for the current year.

In related news, Director Mark B. Puckett purchased 2,000 shares of the company’s stock in a transaction on Monday, August 6th. The stock was bought at an average price of $134.39 per share, with a total value of $268,780.00. Following the completion of the transaction, the director now owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

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

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