Concho Resources Inc. (CXO) Position Lowered by Energy Opportunities Capital Management LLC
Energy Opportunities Capital Management LLC decreased its holdings in Concho Resources Inc. (NYSE:CXO) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,520 shares of the oil and natural gas company’s stock after selling 800 shares during the quarter. Concho Resources makes up 3.4% of Energy Opportunities Capital Management LLC’s portfolio, making the stock its 13th biggest position. Energy Opportunities Capital Management LLC’s holdings in Concho Resources were worth $6,261,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Concho Resources by 3.1% in the second quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock worth $1,839,892,000 after acquiring an additional 454,428 shares in the last quarter. Capital World Investors lifted its stake in shares of Concho Resources by 10.6% in the second quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after acquiring an additional 1,034,000 shares in the last quarter. BlackRock Inc. lifted 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 worth $1,238,471,000 after acquiring an additional 9,314,878 shares in the last quarter. State Street Corp lifted its stake in shares of Concho Resources by 0.3% in the second quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock worth $959,272,000 after acquiring an additional 20,760 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Concho Resources by 30.8% in the second quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after acquiring an additional 1,599,084 shares in the last quarter. Institutional investors and hedge funds own 92.36% of the company’s stock.
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Concho Resources Inc. (NYSE CXO) traded down 0.49% during trading on Friday, hitting $134.34. The stock had a trading volume of 308,244 shares. Concho Resources Inc. has a 52 week low of $106.73 and a 52 week high of $147.55. The stock has a 50-day moving average price of $123.30 and a 200-day moving average price of $124.27. The company has a market cap of $19.82 billion, a PE ratio of 31.18 and a beta of 1.14.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The company had revenue of $567.00 million during the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The company’s revenue was up 43.2% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. Equities analysts predict that Concho Resources Inc. will post $1.60 EPS for the current year.
In other news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.99% of the company’s stock.
Several research firms recently commented on CXO. Barclays PLC cut their price target on Concho Resources from $125.00 to $124.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 8th. Stifel Nicolaus set a $185.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. Bank of America Corporation cut Concho Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $155.00 to $128.00 in a research note on Friday, June 30th. BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Concho Resources currently has an average rating of “Hold” and an average target price of $151.06.
Concho Resources 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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