Concho Resources Inc. (CXO) Position Decreased by Envestnet Asset Management Inc.
Envestnet Asset Management Inc. reduced its holdings in shares of Concho Resources Inc. (NYSE:CXO) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,964 shares of the oil and natural gas company’s stock after selling 710 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Concho Resources were worth $2,498,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Israel Discount Bank of New York lifted its position in shares of Concho Resources by 32.0% during the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock worth $100,000 after buying an additional 200 shares during the last quarter. Sun Life Financial INC increased its holdings in Concho Resources by 10,850.0% in the 2nd quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock worth $133,000 after purchasing an additional 1,085 shares in the last quarter. Twin Tree Management LP acquired a new position in Concho Resources in the 2nd quarter worth about $137,000. C M Bidwell & Associates Ltd. increased its holdings in Concho Resources by 1.4% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after purchasing an additional 20 shares in the last quarter. Finally, Commonwealth Equity Services Inc acquired a new position in Concho Resources in the 3rd quarter worth about $206,000. Institutional investors and hedge funds own 94.55% of the company’s stock.
A number of equities analysts have issued reports on the company. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a report on Monday, November 6th. Credit Suisse Group assumed coverage on Concho Resources in a report on Monday. They issued a “neutral” rating and a $136.00 target price for the company. Scotiabank set a $145.00 target price on Concho Resources and gave the stock a “buy” rating in a report on Saturday, November 25th. Barclays upped their target price on Concho Resources from $144.00 to $156.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. Finally, Stifel Nicolaus set a $185.00 target price on Concho Resources and gave the stock a “buy” rating in a report on Thursday, October 5th. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Concho Resources currently has an average rating of “Buy” and an average target price of $152.42.
Shares of Concho Resources Inc. (NYSE:CXO) opened at $136.80 on Friday. The firm has a market capitalization of $20,563.17, a PE ratio of 83.31 and a beta of 1.09. 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 Inc. has a one year low of $106.73 and a one year high of $147.77.
Concho Resources (NYSE:CXO) last issued 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 consensus estimate of $0.26 by $0.19. The company had revenue of $627.00 million during 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 quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. sell-side analysts expect that Concho Resources Inc. will post 1.82 EPS for the current year.
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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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