Mn Services Vermogensbeheer B.V. boosted its stake in shares of Concho Resources Inc (NYSE:CXO) by 35.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,655 shares of the oil and natural gas company’s stock after purchasing an additional 8,300 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Concho Resources were worth $4,835,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of CXO. Millennium Management LLC purchased a new stake in Concho Resources during the 2nd quarter worth about $166,582,000. FMR LLC increased its holdings in Concho Resources by 16.2% during the 2nd quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after purchasing an additional 668,035 shares during the period. American Century Companies Inc. increased its holdings in Concho Resources by 31.7% during the 3rd quarter. American Century Companies Inc. now owns 2,208,094 shares of the oil and natural gas company’s stock worth $337,286,000 after purchasing an additional 532,106 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Concho Resources by 16,439.1% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock worth $54,413,000 after purchasing an additional 390,921 shares during the period. Finally, Strs Ohio increased its holdings in Concho Resources by 2,550.7% during the 2nd quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock worth $40,523,000 after purchasing an additional 281,855 shares during the period. Institutional investors own 77.84% of the company’s stock.
CXO has been the topic of several recent research reports. SunTrust Banks upgraded Concho Resources from a “hold” rating to a “buy” rating and upped their price target for the stock from $155.00 to $170.00 in a report on Monday, September 24th. TheStreet downgraded Concho Resources from a “b” rating to a “c+” rating in a report on Tuesday, August 14th. Piper Jaffray Companies restated an “overweight” rating and set a $193.00 price target on shares of Concho Resources in a report on Friday, September 28th. Morgan Stanley restated a “hold” rating and set a $178.00 price target (up previously from $163.00) on shares of Concho Resources in a report on Friday, October 12th. Finally, Jefferies Financial Group set a $203.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Friday, October 5th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $181.00.
CXO opened at $141.37 on Wednesday. Concho Resources Inc has a one year low of $123.63 and a one year high of $163.11. The stock has a market capitalization of $28.25 billion, a PE ratio of 67.64 and a beta of 1.00. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24.
Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The business’s revenue was up 90.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. On average, research analysts expect that Concho Resources Inc will post 4.82 earnings per share for the current year.
In related news, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the sale, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven L. Beal sold 2,500 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the sale, the director now directly owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,500 shares of company stock valued at $2,376,320. Insiders own 1.10% of the company’s stock.
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.
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