Concho Resources Inc. (CXO) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp lessened its stake in Concho Resources Inc. (NYSE:CXO) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,127,247 shares of the oil and natural gas company’s stock after selling 25,029 shares during the period. Bank of New York Mellon Corp owned about 0.76% of Concho Resources worth $148,481,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of CXO. JPMorgan Chase & Co. increased 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 buying an additional 1,599,084 shares during the last quarter. Capital World Investors increased 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 buying an additional 1,034,000 shares during the last quarter. Vanguard Group Inc. increased 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 buying an additional 454,428 shares during the last quarter. TimesSquare Capital Management LLC bought a new stake in shares of Concho Resources in the second quarter worth $52,513,000. Finally, Carmignac Gestion increased its stake in Concho Resources by 11.2% during 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 last quarter. Institutional investors and hedge funds own 92.66% of the company’s stock.
Several analysts have weighed in on the stock. Stifel Nicolaus set a $185.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Thursday, October 5th. Barclays PLC lowered their target price on shares of Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday, August 8th. Zacks Investment Research lowered shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Morgan Stanley boosted their target price on shares of Concho Resources from $152.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Finally, Citigroup Inc. lowered their target price on shares of Concho Resources from $151.00 to $149.00 and set a “buy” rating for the company in a research note on Tuesday, August 15th. Nine equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Concho Resources presently has an average rating of “Buy” and a consensus target price of $151.95.
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Shares of Concho Resources Inc. (CXO) opened at $139.03 on Tuesday. The firm has a market cap of $20,670.00, a PE ratio of 83.52 and a beta of 1.09. Concho Resources Inc. has a 1-year low of $106.73 and a 1-year high of $147.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 31st. The oil and natural gas company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.19. The business had revenue of $627.00 million during the quarter, compared to the consensus estimate of $614.12 million. Concho Resources had a net margin of 24.19% and a return on equity of 2.92%. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 earnings per share. analysts forecast that Concho Resources Inc. will post 1.79 EPS for the current fiscal year.
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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