Public Employees Retirement System of Ohio lessened its holdings in shares of Concho Resources Inc (NYSE:CXO) by 18.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 63,338 shares of the oil and natural gas company’s stock after selling 13,892 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Concho Resources were worth $8,763,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Concho Resources in the second quarter valued at $166,000. First Allied Advisory Services Inc. acquired a new stake in shares of Concho Resources in the first quarter valued at $202,000. KC Investment Advisors LLC acquired a new stake in shares of Concho Resources in the second quarter valued at $204,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Concho Resources in the second quarter valued at $232,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Concho Resources in the second quarter valued at $242,000. Institutional investors own 77.40% of the company’s stock.

CXO has been the subject of several research analyst reports. Sanford C. Bernstein lowered Concho Resources from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $180.00 to $130.00 in a report on Thursday, June 7th. Williams Capital initiated coverage on Concho Resources in a report on Monday, June 18th. They issued a “buy” rating and a $178.00 price objective for the company. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 price objective for the company in a report on Monday, June 25th. TD Securities initiated coverage on Concho Resources in a report on Thursday, July 5th. They issued a “hold” rating and a $150.00 price objective for the company. Finally, SunTrust Banks cut their price objective on Concho Resources to $155.00 and set a “hold” rating for the company in a report on Thursday, July 5th. Eight equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Concho Resources currently has a consensus rating of “Buy” and a consensus price target of $177.00.

Shares of Concho Resources stock opened at $150.52 on Thursday. The firm has a market cap of $30.23 billion, a PE ratio of 45.06 and a beta of 1.00. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a 12-month low of $123.63 and a 12-month high of $163.11.

Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.32. The company had revenue of $945.00 million for the quarter, compared to analyst estimates of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. Concho Resources’s revenue for the quarter was up 66.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 earnings per share. equities research analysts predict that Concho Resources Inc will post 4.67 EPS for the current fiscal year.

In other news, Director Steven L. Beal sold 2,500 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total transaction of $343,100.00. Following the sale, the director now directly owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark B. Puckett bought 2,000 shares of the business’s stock in a transaction dated Monday, August 6th. The shares were bought at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the transaction, the director now directly owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The disclosure for this purchase can be found here. Insiders have sold 17,500 shares of company stock worth $2,376,320 over the last ninety days. 1.10% of the stock is owned by insiders.

Concho Resources Company Profile

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

Further Reading: Asset Allocation, Balancing Your Investments

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

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