Gateway Investment Advisers LLC trimmed its position in shares of Concho Resources Inc (NYSE:CXO) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,136 shares of the oil and natural gas company’s stock after selling 1,258 shares during the quarter. Gateway Investment Advisers LLC owned 0.14% of Concho Resources worth $29,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Allied Advisory Services Inc. purchased a new position in Concho Resources during the 1st quarter worth $202,000. Commerce Bank purchased a new position in Concho Resources during the 1st quarter worth $205,000. Advisor Partners LLC purchased a new position in Concho Resources during the 1st quarter worth $240,000. Dupont Capital Management Corp purchased a new position in Concho Resources during the 1st quarter worth $262,000. Finally, ETRADE Capital Management LLC purchased a new position in Concho Resources during the 4th quarter worth $318,000. 97.14% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have issued reports on CXO. Williams Capital began coverage on shares of Concho Resources in a report on Monday, June 18th. They set a “buy” rating and a $178.00 price objective on the stock. KeyCorp lifted their price objective on shares of Concho Resources from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, April 23rd. Stephens set a $217.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, April 24th. Stifel Nicolaus set a $196.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, April 24th. Finally, Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 price objective on the stock in a report on Monday, June 25th. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Concho Resources presently has an average rating of “Buy” and a consensus target price of $170.46.
Shares of Concho Resources opened at $144.25 on Thursday, Marketbeat.com reports. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $21.67 billion, a P/E ratio of 55.28 and a beta of 0.96. Concho Resources Inc has a fifty-two week low of $106.73 and a fifty-two week high of $163.11.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.19. Concho Resources had a return on equity of 4.34% and a net margin of 39.06%. The business had revenue of $947.00 million for the quarter, compared to analysts’ expectations of $808.60 million. During the same period in the previous year, the business posted $0.49 EPS. The firm’s quarterly revenue was up 54.7% compared to the same quarter last year. analysts expect that Concho Resources Inc will post 4.36 EPS for the current year.
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.
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