Concho Resources Inc. (CXO) Shares Bought by Veritable L.P.
Veritable L.P. boosted its stake in shares of Concho Resources Inc. (NYSE:CXO) by 28.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,254 shares of the oil and natural gas company’s stock after purchasing an additional 721 shares during the quarter. Veritable L.P.’s holdings in Concho Resources were worth $395,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CXO. Dimensional Fund Advisors LP increased its holdings in shares of Concho Resources by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 835,899 shares of the oil and natural gas company’s stock valued at $101,583,000 after purchasing an additional 37,079 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Concho Resources by 47.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 234,249 shares of the oil and natural gas company’s stock worth $28,468,000 after buying an additional 75,305 shares during the period. Advisor Group Inc. boosted its holdings in shares of Concho Resources by 1,515.5% during the 2nd quarter. Advisor Group Inc. now owns 7,108 shares of the oil and natural gas company’s stock worth $863,000 after buying an additional 6,668 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Concho Resources by 33.6% during the 2nd quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock worth $968,000 after buying an additional 2,003 shares during the period. Finally, Cibc World Markets Corp boosted its holdings in shares of Concho Resources by 35.3% during the 2nd quarter. Cibc World Markets Corp now owns 20,933 shares of the oil and natural gas company’s stock worth $2,544,000 after buying an additional 5,463 shares during the period. 92.36% of the stock is owned by hedge funds and other institutional investors.
Concho Resources Inc. (CXO) opened at 135.32 on Tuesday. The firm has a market cap of $19.97 billion, a P/E ratio of 31.40 and a beta of 1.13. Concho Resources Inc. has a 52 week low of $106.73 and a 52 week high of $147.55. The firm’s 50-day moving average price is $117.51 and its 200 day moving average price is $123.78.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business had revenue of $567.00 million for the quarter, compared to the consensus estimate of $626.09 million. During the same quarter last year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. Equities analysts forecast that Concho Resources Inc. will post $1.61 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on the stock. Royal Bank Of Canada restated a “buy” rating and set a $158.00 price objective on shares of Concho Resources in a research report on Friday. Cowen and Company set a $145.00 target price on Concho Resources and gave the company a “hold” rating in a research report on Tuesday, July 18th. Jefferies Group LLC set a $140.00 target price on Concho Resources and gave the stock a “hold” rating in a research note on Wednesday, July 19th. Citigroup Inc. reduced their price target on Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Finally, Stifel Nicolaus restated a “buy” rating and issued a $192.00 price target on shares of Concho Resources in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the company. Concho Resources has an average rating of “Hold” and a consensus price target of $146.76.
In other news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the transaction, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.99% of the company’s stock.
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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