Concho Resources Inc. (CXO) Position Cut by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Concho Resources Inc. (NYSE:CXO) by 25.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 366,970 shares of the company’s stock after selling 124,844 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.28% of Concho Resources worth $43,769,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CXO. Ashburton Jersey Ltd boosted its position in Concho Resources by 15.7% in the second quarter. Ashburton Jersey Ltd now owns 13,540 shares of the company’s stock worth $1,615,000 after buying an additional 1,835 shares during the last quarter. BP PLC bought a new position in Concho Resources during the second quarter worth approximately $1,968,000. Sumitomo Mitsui Asset Management Company LTD boosted its position in Concho Resources by 2.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,839 shares of the company’s stock worth $1,173,000 after buying an additional 194 shares during the last quarter. LMR Partners LLP bought a new position in Concho Resources during the second quarter worth approximately $838,000. Finally, Syntal Capital Partners LLC boosted its position in Concho Resources by 1.0% in the second quarter. Syntal Capital Partners LLC now owns 2,755 shares of the company’s stock worth $328,000 after buying an additional 26 shares during the last quarter. 91.12% of the stock is currently owned by institutional investors.
Shares of Concho Resources Inc. (NYSE:CXO) traded down 0.28% during trading on Tuesday, hitting $136.55. 693,363 shares of the stock were exchanged. Concho Resources Inc. has a one year low of $69.94 and a one year high of $143.60. The stock’s market cap is $17.83 billion. The stock’s 50 day moving average price is $132.10 and its 200 day moving average price is $122.79.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.27. Concho Resources had a positive return on equity of 0.90% and a negative net margin of 72.25%. The company earned $396.30 million during the quarter, compared to analysts’ expectations of $482.50 million. During the same quarter in the prior year, the business posted $0.38 earnings per share. The company’s revenue for the quarter was down 26.3% compared to the same quarter last year. Equities research analysts predict that Concho Resources Inc. will post $0.22 EPS for the current year.
A number of research analysts have commented on the stock. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $154.00 target price on the stock in a research report on Tuesday, October 4th. Johnson Rice assumed coverage on shares of Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating on the stock. Credit Suisse Group AG reissued a “buy” rating and set a $154.00 price target on shares of Concho Resources in a research report on Monday, September 12th. Stifel Nicolaus increased their price target on shares of Concho Resources from $141.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Finally, Citigroup Inc. increased their price target on shares of Concho Resources from $150.00 to $162.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $136.40.
About Concho Resources
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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