Shell Asset Management Co. Reduces Position in Concho Resources Inc. (CXO)

Shell Asset Management Co. cut its position in shares of Concho Resources Inc. (NYSE:CXO) by 6.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,994 shares of the oil and natural gas company’s stock after selling 3,010 shares during the period. Shell Asset Management Co.’s holdings in Concho Resources were worth $5,347,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CXO. Vanguard Group Inc. raised its stake in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Concho Resources by 20.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 13,094 shares of the oil and natural gas company’s stock worth $1,728,000 after buying an additional 2,255 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Concho Resources during the first quarter worth $693,000. TD Asset Management Inc. raised its stake in shares of Concho Resources by 34.8% in the first quarter. TD Asset Management Inc. now owns 91,606 shares of the oil and natural gas company’s stock worth $11,757,000 after buying an additional 23,660 shares in the last quarter. Finally, Weiss Multi Strategy Advisers LLC bought a new stake in shares of Concho Resources during the first quarter worth $9,804,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Concho Resources Inc. (NYSE CXO) opened at 130.56 on Friday. The company has a market capitalization of $19.21 billion, a PE ratio of 89.86 and a beta of 1.08. Concho Resources Inc. has a 12 month low of $112.73 and a 12 month high of $147.55. The stock’s 50 day moving average is $122.56 and its 200-day moving average is $129.66.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, May 3rd. The oil and natural gas company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.18. Concho Resources had a net margin of 10.60% and a return on equity of 2.44%. The company had revenue of $612 million for the quarter, compared to analyst estimates of $607.71 million. During the same period in the prior year, the firm posted ($0.05) EPS. The company’s quarterly revenue was up 115.5% on a year-over-year basis. On average, analysts expect that Concho Resources Inc. will post $1.52 EPS for the current year.

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CXO has been the subject of a number of research reports. Citigroup Inc. lowered their price target on shares of Concho Resources from $168.00 to $166.00 and set a “buy” rating for the company in a report on Thursday, July 13th. ValuEngine raised shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Credit Suisse Group set a $164.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Friday, June 2nd. Scotiabank set a $156.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, May 4th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $180.00 price target on shares of Concho Resources in a report on Thursday, June 22nd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $154.10.

In related news, Director Lawrence J. Nagy sold 120,000 shares of the stock in a transaction on Wednesday, May 17th. The shares were 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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