Neuberger Berman Group LLC trimmed its stake in Concho Resources Inc (NYSE:CXO) by 28.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 500,285 shares of the oil and natural gas company’s stock after selling 196,597 shares during the quarter. Neuberger Berman Group LLC’s holdings in Concho Resources were worth $55,512,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CXO. Vanguard Group Inc raised its holdings in shares of Concho Resources by 34.6% in the third quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after acquiring an additional 5,380,400 shares during the last quarter. Norges Bank acquired a new position in shares of Concho Resources in the fourth quarter worth $166,890,000. Boston Partners acquired a new position in shares of Concho Resources in the first quarter worth $65,541,000. State of Tennessee Treasury Department raised its holdings in shares of Concho Resources by 836.9% in the first quarter. State of Tennessee Treasury Department now owns 486,192 shares of the oil and natural gas company’s stock worth $53,948,000 after acquiring an additional 434,299 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Concho Resources by 2.6% in the fourth quarter. BlackRock Inc. now owns 13,635,329 shares of the oil and natural gas company’s stock worth $1,401,577,000 after acquiring an additional 349,182 shares during the last quarter. 94.60% of the stock is owned by institutional investors.

In other Concho Resources news, Director Steven D. Gray sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $115.00, for a total transaction of $517,500.00. Following the sale, the director now owns 186,039 shares in the company, valued at $21,394,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Gray sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $120.00, for a total value of $840,000.00. Following the sale, the director now owns 179,039 shares in the company, valued at approximately $21,484,680. The disclosure for this sale can be found here. Insiders sold 66,045 shares of company stock valued at $7,321,450 in the last three months. 1.10% of the stock is currently owned by company insiders.

A number of equities analysts have recently weighed in on CXO shares. Cowen set a $140.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Tuesday, February 19th. Wells Fargo & Co dropped their target price on Concho Resources from $174.00 to $151.00 and set an “outperform” rating for the company in a research note on Wednesday, March 13th. They noted that the move was a valuation call. Morgan Stanley dropped their target price on Concho Resources from $154.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, February 21st. TD Securities dropped their target price on Concho Resources from $130.00 to $120.00 and set a “hold” rating for the company in a research note on Friday, February 22nd. Finally, Citigroup began coverage on Concho Resources in a research note on Tuesday, April 9th. They issued a “buy” rating and a $112.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $164.32.

CXO traded down $3.12 on Wednesday, reaching $97.72. The company’s stock had a trading volume of 14,531 shares, compared to its average volume of 2,017,441. The company has a market capitalization of $19.76 billion, a P/E ratio of 21.32, a P/E/G ratio of 0.79 and a beta of 1.19. Concho Resources Inc has a 1 year low of $93.31 and a 1 year high of $160.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.60 and a current ratio of 0.62.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 EPS. As a group, equities research analysts forecast that Concho Resources Inc will post 4.18 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Thursday, May 9th. Concho Resources’s dividend payout ratio is currently 10.89%.

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Concho Resources Profile

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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

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