Connable Office Inc. Reduces Stake in Concho Resources Inc. (CXO)
Connable Office Inc. decreased its position in Concho Resources Inc. (NYSE:CXO) by 0.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,930 shares of the oil and natural gas company’s stock after selling 15 shares during the period. Connable Office Inc.’s holdings in Concho Resources were worth $1,814,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of CXO. Balentine LLC boosted its stake in Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 530 shares during the last quarter. Exane Derivatives boosted its stake in 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 worth $126,000 after buying an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. boosted its stake in 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 worth $132,000 after buying an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Concho Resources during the first quarter worth about $174,000. Finally, Baird Financial Group Inc. acquired a new stake in Concho Resources during the first quarter worth about $201,000. 93.13% of the stock is owned by institutional investors and hedge funds.
Shares of Concho Resources Inc. (CXO) opened at 118.82 on Thursday. Concho Resources Inc. has a 12-month low of $112.73 and a 12-month high of $147.55. The firm has a market cap of $17.67 billion, a P/E ratio of 27.42 and a beta of 1.09. The stock has a 50 day moving average price of $123.12 and a 200 day moving average price of $128.93.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Concho Resources’s revenue was up 43.2% compared to the same quarter last year. On average, equities analysts expect that Concho Resources Inc. will post $1.58 earnings per share for the current year.
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A number of research firms recently issued reports on CXO. Barclays PLC lowered their target price on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday. Royal Bank Of Canada reissued a “buy” rating and set a $178.00 target price on shares of Concho Resources in a research note on Friday, May 12th. Stifel Nicolaus reissued a “buy” rating and set a $192.00 target price on shares of Concho Resources in a research note on Friday, July 14th. Bank of America Corporation cut Concho Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $155.00 to $128.00 in a research note on Friday, June 30th. Finally, BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have assigned a buy rating to the company. Concho Resources presently has a consensus rating of “Buy” and an average target price of $152.65.
In related news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was 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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