Municipal Employees Retirement System of Michigan continued to hold its stake in shares of Concho Resources Inc. (NYSE:CXO) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,710 shares of the oil and natural gas company’s stock at the end of the second quarter. Municipal Employees Retirement System of Michigan’s holdings in Concho Resources were worth $572,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock valued at $1,884,670,000 after buying an additional 653,569 shares during the period. BlackRock Inc. increased its stake in shares of Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock valued at $1,238,471,000 after buying an additional 9,314,878 shares during the period. State Street Corp increased its stake in shares of Concho Resources by 3.1% in the first quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock valued at $1,010,365,000 after buying an additional 236,182 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of Concho Resources by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 3,889,540 shares of the oil and natural gas company’s stock valued at $499,184,000 after buying an additional 46,388 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Concho Resources by 1.8% in the first quarter. American Century Companies Inc. now owns 1,622,118 shares of the oil and natural gas company’s stock valued at $208,183,000 after buying an additional 28,520 shares during the period. Institutional investors own 92.44% of the company’s stock.

Concho Resources Inc. (NYSE CXO) opened at 108.52 on Friday. The company’s 50-day moving average price is $122.15 and its 200 day moving average price is $127.57. Concho Resources Inc. has a 12 month low of $107.84 and a 12 month high of $147.55. The firm has a market capitalization of $16.01 billion, a PE ratio of 25.18 and a beta of 1.09.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. The firm had revenue of $567 million for 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 business’s quarterly revenue was up 43.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. On average, equities research analysts predict that Concho Resources Inc. will post $1.61 earnings per share for the current year.

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CXO has been the subject of several recent analyst reports. Royal Bank Of Canada set a $178.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Saturday, June 17th. Credit Suisse Group set a $158.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Saturday, May 6th. Jefferies Group LLC set a $140.00 price target on Concho Resources and gave the stock a “hold” rating in a report on Wednesday, May 17th. Seaport Global Securities downgraded Concho Resources from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $163.00 to $100.00 in a report on Wednesday, June 21st. Finally, Zacks Investment Research downgraded Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $151.53.

In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the sale, the vice president now owns 132,388 shares in the company, valued at $15,203,437.92. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.

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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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

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