Utah Retirement Systems Has $3.28 Million Stake in Concho Resources Inc. (CXO)
Utah Retirement Systems increased its stake in Concho Resources Inc. (NYSE:CXO) by 5.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,019 shares of the oil and natural gas company’s stock after buying an additional 1,300 shares during the period. Utah Retirement Systems’ holdings in Concho Resources were worth $3,284,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Balentine LLC increased its stake in shares of Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock valued at $107,000 after buying an additional 530 shares during the period. Exane Derivatives increased its stake in shares of Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock valued at $126,000 after buying an additional 739 shares during the period. NN Investment Partners Holdings N.V. increased its stake in shares of Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock valued at $132,000 after buying an additional 200 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Concho Resources during the first quarter valued at approximately $174,000. Finally, Baird Financial Group Inc. bought a new stake in shares of Concho Resources during the first quarter valued at approximately $201,000. 92.41% of the stock is owned by hedge funds and other institutional investors.
Concho Resources Inc. (NYSE:CXO) opened at 108.47 on Wednesday. The company has a market capitalization of $16.00 billion, a price-to-earnings ratio of 25.17 and a beta of 1.09. The stock has a 50 day moving average price of $120.36 and a 200-day moving average price of $126.45. Concho Resources Inc. has a 12-month low of $106.73 and a 12-month high of $147.55.
Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The company’s quarterly revenue was up 43.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. Equities analysts predict that Concho Resources Inc. will post $1.62 EPS for the current fiscal year.
A number of brokerages recently commented on CXO. Barclays PLC decreased their price target on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, August 8th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $178.00 price target on shares of Concho Resources in a research report on Friday, May 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $192.00 price target on shares of Concho Resources in a research report on Friday, July 14th. Bank of America Corporation downgraded Concho Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from $155.00 to $128.00 in a research report on Friday, June 30th. Finally, BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $148.53.
In other news, VP E Joseph Wright sold 16,696 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.99% of the stock is owned by insiders.
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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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