DNB Asset Management AS trimmed its position in Concho Resources Inc (NYSE:CXO) by 8.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,178 shares of the oil and natural gas company’s stock after selling 2,172 shares during the period. DNB Asset Management AS’s holdings in Concho Resources were worth $2,572,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Cigna Investments Inc. New boosted its stake in Concho Resources by 1.5% during the 4th quarter. Cigna Investments Inc. New now owns 5,869 shares of the oil and natural gas company’s stock valued at $602,000 after purchasing an additional 89 shares during the last quarter. Utah Retirement Systems boosted its stake in Concho Resources by 0.3% during the 4th quarter. Utah Retirement Systems now owns 36,297 shares of the oil and natural gas company’s stock valued at $3,731,000 after purchasing an additional 100 shares during the last quarter. Usca Ria LLC boosted its stake in Concho Resources by 5.0% during the 4th quarter. Usca Ria LLC now owns 2,100 shares of the oil and natural gas company’s stock valued at $216,000 after purchasing an additional 100 shares during the last quarter. Rehmann Capital Advisory Group boosted its stake in Concho Resources by 108.6% during the 3rd quarter. Rehmann Capital Advisory Group now owns 219 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 114 shares during the last quarter. Finally, Covington Capital Management boosted its stake in Concho Resources by 86.6% during the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 116 shares during the last quarter. 94.65% of the stock is owned by institutional investors and hedge funds.
NYSE:CXO opened at $115.44 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $22.85 billion, a P/E ratio of 25.15, a P/E/G ratio of 0.89 and a beta of 1.11. Concho Resources Inc has a 12 month low of $93.31 and a 12 month high of $163.11.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.16). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.16 billion. Concho Resources had a return on equity of 5.69% and a net margin of 55.07%. The company’s revenue for the quarter was up 36.8% compared to the same quarter last year. During the same period last year, the firm posted $0.66 EPS. As a group, sell-side analysts expect that Concho Resources Inc will post 4.45 EPS for the current year.
The business also recently declared a special dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, February 28th. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.
CXO has been the subject of a number of analyst reports. Mizuho initiated coverage on Concho Resources in a research note on Tuesday, January 29th. They set a “buy” rating and a $156.00 price target for the company. Jefferies Financial Group reiterated a “buy” rating and set a $196.00 price target on shares of Concho Resources in a research note on Monday, December 17th. Cowen set a $140.00 price target on Concho Resources and gave the company a “buy” rating in a research note on Tuesday, February 19th. Williams Capital reiterated a “buy” rating and set a $182.00 price target on shares of Concho Resources in a research note on Monday, February 11th. Finally, ValuEngine downgraded Concho Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Concho Resources has an average rating of “Buy” and an average target price of $164.52.
In related news, SVP Scott Kidwell sold 4,200 shares of Concho Resources stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $110.02, for a total value of $462,084.00. Following the sale, the senior vice president now owns 7,628 shares of the company’s stock, valued at approximately $839,232.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven L. Beal sold 7,500 shares of Concho Resources stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $99.90, for a total transaction of $749,250.00. Following the completion of the sale, the director now directly owns 69,096 shares in the company, valued at approximately $6,902,690.40. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
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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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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