Connable Office Inc. decreased its position in shares of Concho Resources Inc. (NYSE:CXO) by 0.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,930 shares of the oil and natural gas company’s stock after selling 15 shares during the period. Connable Office Inc.’s holdings in Concho Resources were worth $1,814,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Balentine LLC raised its stake in Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 530 shares during the last quarter. Exane Derivatives raised its stake in Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after buying an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after buying an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Concho Resources during the first quarter worth about $174,000. Finally, Baird Financial Group Inc. bought a new stake in Concho Resources during the first quarter worth about $201,000. Institutional investors own 93.13% of the company’s stock.
Shares of Concho Resources Inc. (NYSE:CXO) opened at 118.82 on Thursday. The stock has a market capitalization of $17.67 billion, a PE ratio of 27.42 and a beta of 1.09. The company’s 50-day moving average price is $123.12 and its 200 day moving average price is $128.93. Concho Resources Inc. has a one year low of $112.73 and a one year high of $147.55.
Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The firm had revenue of $567 million for the quarter, compared to analysts’ expectations of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company’s quarterly revenue was up 43.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Analysts anticipate that Concho Resources Inc. will post $1.58 EPS for the current year.
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CXO has been the topic of a number of analyst reports. BMO Capital Markets reiterated a “buy” rating and set a $180.00 price objective on shares of Concho Resources in a research note on Monday, May 15th. Royal Bank Of Canada reiterated a “buy” rating and set a $178.00 price objective on shares of Concho Resources in a research note on Friday, May 12th. Credit Suisse Group set a $158.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Saturday, May 6th. Scotiabank set a $156.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Thursday, May 4th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $173.00 price objective (up from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $152.65.
In other news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total transaction of $32,400.00. Corporate insiders own 1.20% of the company’s stock.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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