Concho Resources Inc. (CXO) Shares Sold by TCW Group Inc.
TCW Group Inc. cut its position in Concho Resources Inc. (NYSE:CXO) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 495,105 shares of the oil and natural gas company’s stock after selling 6,824 shares during the period. TCW Group Inc. owned 0.33% of Concho Resources worth $65,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in 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 valued at $825,288,000 after purchasing an additional 1,599,084 shares during the period. Capital World Investors raised its position in 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 valued at $1,311,613,000 after purchasing an additional 1,034,000 shares during the period. Vanguard Group Inc. raised its position in 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 valued at $1,839,892,000 after purchasing an additional 454,428 shares during the period. TimesSquare Capital Management LLC purchased a new stake in Concho Resources in the second quarter valued at $52,513,000. Finally, Carmignac Gestion raised its position in Concho Resources by 11.2% in the second quarter. Carmignac Gestion now owns 2,474,544 shares of the oil and natural gas company’s stock valued at $300,731,000 after purchasing an additional 248,406 shares during the period. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
CXO has been the subject of several analyst reports. Royal Bank Of Canada set a $158.00 target price on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, August 24th. Barclays PLC boosted their target price on Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Cowen and Company reissued a “hold” rating and set a $145.00 target price on shares of Concho Resources in a research note on Sunday, October 22nd. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $149.00 target price for the company in a research note on Monday, October 16th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $109.00 target price (down from $130.00) on shares of Concho Resources in a research note on Tuesday, August 29th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $151.35.
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Concho Resources Inc. (CXO) traded down $1.95 on Wednesday, hitting $140.46. The stock had a trading volume of 1,163,700 shares, compared to its average volume of 1,294,107. The company has a market capitalization of $21,175.80, a PE ratio of 85.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.66 and a current ratio of 0.66. Concho Resources Inc. has a 52 week low of $106.73 and a 52 week high of $147.77.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million for the quarter, compared to analysts’ expectations of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 earnings per share. equities analysts forecast that Concho Resources Inc. will post 1.79 earnings per share for the current fiscal year.
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.
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