Municipal Employees Retirement System of Michigan Sells 870 Shares of Concho Resources Inc. (CXO)

Municipal Employees Retirement System of Michigan decreased its position in shares of Concho Resources Inc. (NYSE:CXO) by 18.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,840 shares of the oil and natural gas company’s stock after selling 870 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Concho Resources were worth $506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CXO. C M Bidwell & Associates Ltd. raised its holdings in Concho Resources by 1.4% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock valued at $182,000 after buying an additional 20 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Concho Resources by 1.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 3,502 shares of the oil and natural gas company’s stock valued at $426,000 after buying an additional 35 shares during the period. Cadence Capital Management LLC raised its holdings in Concho Resources by 0.9% in the 2nd quarter. Cadence Capital Management LLC now owns 5,255 shares of the oil and natural gas company’s stock valued at $639,000 after buying an additional 48 shares during the period. Private Advisor Group LLC raised its holdings in Concho Resources by 2.5% in the 2nd quarter. Private Advisor Group LLC now owns 2,501 shares of the oil and natural gas company’s stock valued at $304,000 after buying an additional 60 shares during the period. Finally, Symphony Asset Management LLC raised its holdings in Concho Resources by 2.5% in the 2nd quarter. Symphony Asset Management LLC now owns 2,804 shares of the oil and natural gas company’s stock valued at $341,000 after buying an additional 69 shares during the period. 94.55% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Concho Resources Inc. (CXO) opened at $137.62 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market cap of $20,697.00, a PE ratio of 83.85 and a beta of 1.09. Concho Resources Inc. has a one year low of $106.73 and a one year high of $147.77.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 earnings per share. sell-side analysts anticipate that Concho Resources Inc. will post 1.82 EPS for the current fiscal year.

CXO has been the topic of several research analyst reports. Barclays boosted their price objective on shares of Concho Resources from $124.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, October 11th. Piper Jaffray Companies reduced their price objective on shares of Concho Resources from $167.00 to $142.00 and set an “overweight” rating on the stock in a report on Monday, September 18th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a report on Monday, November 6th. ValuEngine upgraded shares of Concho Resources from a “sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, SunTrust Banks set a $145.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, October 31st. Eight analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $153.89.

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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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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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