Concho Resources Inc (NYSE:CXO) Stake Decreased by Viking Fund Management LLC
Viking Fund Management LLC lowered its stake in shares of Concho Resources Inc (NYSE:CXO) by 20.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 87,000 shares of the oil and natural gas company’s stock after selling 23,000 shares during the quarter. Concho Resources makes up approximately 2.1% of Viking Fund Management LLC’s portfolio, making the stock its 9th largest holding. Viking Fund Management LLC’s holdings in Concho Resources were worth $7,619,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Concho Resources by 49.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,730,550 shares of the oil and natural gas company’s stock valued at $2,138,978,000 after buying an additional 6,853,820 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Concho Resources by 78,872.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,849,910 shares of the oil and natural gas company’s stock worth $397,233,000 after acquiring an additional 3,845,035 shares during the last quarter. Millennium Management LLC increased its holdings in Concho Resources by 7,672.8% in the 3rd quarter. Millennium Management LLC now owns 567,100 shares of the oil and natural gas company’s stock worth $38,506,000 after acquiring an additional 559,804 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in Concho Resources by 3,043.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 544,966 shares of the oil and natural gas company’s stock worth $37,003,000 after acquiring an additional 527,632 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Concho Resources by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 21,953,438 shares of the oil and natural gas company’s stock valued at $2,265,155,000 after acquiring an additional 290,603 shares during the period. Institutional investors own 92.68% of the company’s stock.
CXO has been the topic of several recent research reports. Morgan Stanley raised shares of Concho Resources from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $68.00 to $88.00 in a report on Monday. Barclays reduced their target price on shares of Concho Resources from $141.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. SunTrust Banks lowered shares of Concho Resources from a “buy” rating to a “hold” rating and lowered their price target for the company from $100.00 to $70.00 in a research report on Wednesday, October 16th. ValuEngine upgraded shares of Concho Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Williams Capital reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Concho Resources in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Concho Resources has a consensus rating of “Buy” and an average target price of $111.45.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 29th. The oil and natural gas company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.05). The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.09 billion. Concho Resources had a return on equity of 3.24% and a net margin of 28.98%. The business’s revenue was down 6.5% on a year-over-year basis. During the same period last year, the company posted $1.42 EPS. As a group, equities research analysts anticipate that Concho Resources Inc will post 2.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 8th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Thursday, November 7th. Concho Resources’s payout ratio is 10.89%.
About Concho Resources
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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