Retirement Systems of Alabama Reduces Position in Concho Resources Inc. (CXO)
Retirement Systems of Alabama cut its position in shares of Concho Resources Inc. (NYSE:CXO) by 4.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,811 shares of the company’s stock after selling 5,636 shares during the period. Retirement Systems of Alabama owned approximately 0.09% of Concho Resources worth $14,409,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CXO. Checchi Capital Advisers LLC raised its stake in Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock valued at $132,000 after buying an additional 18 shares during the period. Creative Planning raised its stake in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock valued at $162,000 after buying an additional 259 shares during the period. Eqis Capital Management Inc. bought a new stake in Concho Resources during the second quarter valued at approximately $235,000. Pitcairn Co. bought a new stake in Concho Resources during the second quarter valued at approximately $236,000. Finally, SevenBridge Financial Group LLC bought a new stake in Concho Resources during the first quarter valued at approximately $255,000. 91.12% of the stock is currently owned by institutional investors and hedge funds.
Shares of Concho Resources Inc. (NYSE:CXO) traded up 2.76% during midday trading on Friday, hitting $137.35. The stock had a trading volume of 1,769,749 shares. Concho Resources Inc. has a 12-month low of $69.94 and a 12-month high of $137.83. The stock’s market cap is $17.94 billion. The stock has a 50-day moving average price of $130.39 and a 200-day moving average price of $119.84.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.27. The business had revenue of $396.30 million for the quarter, compared to analysts’ expectations of $482.50 million. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The company’s revenue was down 26.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. Equities analysts forecast that Concho Resources Inc. will post $0.22 earnings per share for the current year.
Several analysts recently commented on the company. Zacks Investment Research lowered Concho Resources from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Morgan Stanley reaffirmed a “buy” rating and set a $187.00 target price on shares of Concho Resources in a report on Tuesday, August 16th. Credit Suisse Group AG raised their target price on Concho Resources from $145.00 to $154.00 and gave the stock an “outperform” rating in a report on Wednesday, August 24th. JPMorgan Chase & Co. raised their target price on Concho Resources from $127.00 to $138.00 and gave the stock an “overweight” rating in a report on Monday, August 15th. Finally, Simmons reiterated a “buy” rating on shares of Concho Resources in a research report on Monday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $135.52.
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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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