Livforsakringsbolaget Skandia Omsesidigt raised its position in Concho Resources Inc (NYSE:CXO) by 69.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,627 shares of the oil and natural gas company’s stock after buying an additional 1,900 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Concho Resources were worth $707,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Itau Unibanco Holding S.A. bought a new stake in shares of Concho Resources during the 2nd quarter valued at $166,000. Cerebellum GP LLC bought a new stake in shares of Concho Resources during the 3rd quarter valued at $188,000. Summit X LLC bought a new stake in shares of Concho Resources during the 2nd quarter valued at $203,000. KC Investment Advisors LLC bought a new stake in shares of Concho Resources during the 2nd quarter valued at $204,000. Finally, IFP Advisors Inc raised its stake in shares of Concho Resources by 85.6% during the 3rd quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock valued at $221,000 after purchasing an additional 666 shares during the period. Hedge funds and other institutional investors own 77.59% of the company’s stock.
A number of research firms recently issued reports on CXO. JPMorgan Chase & Co. set a $188.00 price objective on Concho Resources and gave the company a “buy” rating in a research note on Monday. Stifel Nicolaus reiterated a “buy” rating and set a $208.00 price objective on shares of Concho Resources in a research note on Thursday, August 30th. Williams Capital reiterated a “buy” rating and set a $189.00 price objective on shares of Concho Resources in a research note on Monday, July 23rd. Zacks Investment Research lowered Concho Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Finally, Susquehanna Bancshares began coverage on Concho Resources in a research note on Wednesday, July 11th. They set a “positive” rating and a $175.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Concho Resources presently has a consensus rating of “Buy” and a consensus price target of $180.00.
Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.32. The business had revenue of $945.00 million for the quarter, compared to analyst estimates of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The company’s quarterly revenue was up 66.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. Research analysts forecast that Concho Resources Inc will post 4.53 EPS for the current fiscal year.
In other Concho Resources 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 transaction, the senior vice president now directly owns 51,058 shares in the company, valued at approximately $6,840,750.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the transaction, the senior vice president now owns 16,193 shares in the company, valued at $2,264,752.98. The disclosure for this sale can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.
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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