Cubic Asset Management LLC reduced its stake in shares of Concho Resources Inc. (NYSE:CXO) by 34.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,300 shares of the oil and natural gas company’s stock after selling 1,200 shares during the period. Cubic Asset Management LLC’s holdings in Concho Resources were worth $280,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of CXO. Balentine LLC increased its position in shares of Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock valued at $107,000 after buying an additional 530 shares during the last quarter. Exane Derivatives increased its position in shares of 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 valued at $126,000 after buying an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. increased its position in shares of 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 valued at $132,000 after buying an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Concho Resources during the first quarter valued at about $174,000. Finally, Baird Financial Group Inc. acquired a new position in shares of Concho Resources during the first quarter valued at about $201,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.
Shares of Concho Resources Inc. (NYSE:CXO) opened at 108.52 on Friday. Concho Resources Inc. has a one year low of $107.84 and a one year high of $147.55. The stock has a 50 day moving average price of $122.15 and a 200-day moving average price of $127.57. The company has a market capitalization of $16.01 billion, a price-to-earnings ratio of 25.18 and a beta of 1.09.
Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm’s revenue for the quarter was up 43.2% compared to the same quarter last year. During the same period last year, the business posted $0.26 EPS. On average, equities research analysts expect that Concho Resources Inc. will post $1.61 EPS for the current year.
Several equities analysts have issued reports on CXO shares. BMO Capital Markets reiterated a “buy” rating and issued a $180.00 price objective on shares of Concho Resources in a research report on Monday, May 15th. Royal Bank Of Canada reissued a “buy” rating and issued a $178.00 target price on shares of Concho Resources in a research note on Friday, May 12th. Credit Suisse Group set a $158.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Saturday, May 6th. Scotiabank set a $156.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Thursday, May 4th. Finally, Citigroup Inc. reissued a “buy” rating and issued a $173.00 target price (up from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. Concho Resources has an average rating of “Hold” and a consensus target price of $151.53.
In other news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the sale, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company 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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