LS Investment Advisors LLC Reduces Stake in Concho Resources Inc. (CXO)
LS Investment Advisors LLC cut its position in Concho Resources Inc. (NYSE:CXO) by 5.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,519 shares of the company’s stock after selling 220 shares during the period. LS Investment Advisors LLC’s holdings in Concho Resources were worth $420,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of CXO. Exane Derivatives increased its stake in Concho Resources by 0.5% in the first quarter. Exane Derivatives now owns 1,389 shares of the company’s stock worth $140,000 after buying an additional 7 shares during the period. Creative Planning boosted its position in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock worth $162,000 after buying an additional 259 shares in the last quarter. Eqis Capital Management Inc. purchased a new position in Concho Resources during the second quarter worth approximately $235,000. SevenBridge Financial Group LLC purchased a new position in Concho Resources during the first quarter worth approximately $255,000. Finally, Cypress Asset Management Inc. TX boosted its position in Concho Resources by 5.9% in the second quarter. Cypress Asset Management Inc. TX now owns 2,274 shares of the company’s stock worth $271,000 after buying an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 91.21% of the company’s stock.
Shares of Concho Resources Inc. (NYSE:CXO) traded up 0.03% during mid-day trading on Friday, reaching $125.39. 1,828,598 shares of the company were exchanged. The stock has a 50 day moving average price of $129.59 and a 200-day moving average price of $117.34. The stock’s market capitalization is $16.38 billion. Concho Resources Inc. has a 12 month low of $69.94 and a 12 month high of $137.40.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.27. Concho Resources had a negative net margin of 72.25% and a positive return on equity of 0.90%. The company earned $396.30 million during the quarter, compared to the consensus estimate of $482.50 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was down 26.3% on a year-over-year basis. Analysts predict that Concho Resources Inc. will post $0.22 earnings per share for the current year.
CXO has been the subject of several research reports. Citigroup Inc. boosted their price objective on shares of Concho Resources from $150.00 to $162.00 and gave the company a “buy” rating in a research report on Friday, August 26th. TheStreet raised shares of Concho Resources from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Simmons reissued a “buy” rating on shares of Concho Resources in a research report on Monday, August 22nd. Credit Suisse Group AG boosted their price objective on shares of Concho Resources from $145.00 to $154.00 and gave the company an “outperform” rating in a research report on Wednesday, August 24th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $140.00 price objective on shares of Concho Resources in a research report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $135.52.
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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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