Utah Retirement Systems increased its holdings in Concho Resources Inc (NYSE:CXO) by 32.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,197 shares of the oil and natural gas company’s stock after purchasing an additional 8,878 shares during the period. Utah Retirement Systems’ holdings in Concho Resources were worth $5,529,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Johnson Financial Group Inc. acquired a new position in Concho Resources in the third quarter worth about $161,000. Itau Unibanco Holding S.A. bought a new stake in Concho Resources during the second quarter worth about $166,000. Cerebellum GP LLC bought a new stake in Concho Resources during the third quarter worth about $188,000. Summit X LLC bought a new stake in Concho Resources during the second quarter worth about $203,000. Finally, KC Investment Advisors LLC bought a new stake in Concho Resources during the second quarter worth about $204,000. 94.29% of the stock is owned by hedge funds and other institutional investors.

In other news, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total transaction of $559,440.00. Following the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.

Several analysts have weighed in on the stock. ValuEngine cut shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 26th. Zacks Investment Research cut shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. MKM Partners assumed coverage on shares of Concho Resources in a research note on Wednesday. They set a “buy” rating and a $176.00 price objective on the stock. TheStreet cut shares of Concho Resources from a “b” rating to a “c+” rating in a research note on Tuesday, August 14th. Finally, SunTrust Banks set a $160.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, November 27th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $180.32.

CXO opened at $121.44 on Thursday. Concho Resources Inc has a one year low of $123.63 and a one year high of $163.11. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The company has a market cap of $25.71 billion, a PE ratio of 58.11, a P/E/G ratio of 0.89 and a beta of 1.02.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. Concho Resources’s revenue was up 90.1% compared to the same quarter last year. As a group, equities analysts anticipate that Concho Resources Inc will post 4.97 EPS for the current fiscal year.

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Concho Resources Profile

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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

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