State of Alaska Department of Revenue boosted its stake in Concho Resources Inc (NYSE:CXO) by 23.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,301 shares of the oil and natural gas company’s stock after acquiring an additional 7,325 shares during the period. State of Alaska Department of Revenue’s holdings in Concho Resources were worth $5,848,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Investec Asset Management LTD acquired a new stake in Concho Resources in the second quarter valued at $7,569,000. Paloma Partners Management Co raised its holdings in Concho Resources by 3,081.4% in the second quarter. Paloma Partners Management Co now owns 39,503 shares of the oil and natural gas company’s stock valued at $5,465,000 after acquiring an additional 40,828 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Concho Resources by 6.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 463,740 shares of the oil and natural gas company’s stock valued at $64,158,000 after acquiring an additional 28,411 shares in the last quarter. Precocity Capital LP acquired a new stake in Concho Resources in the second quarter valued at $10,376,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Concho Resources in the second quarter valued at $166,000. 77.44% of the stock is currently owned by hedge funds and other institutional investors.
CXO has been the topic of several recent analyst reports. Williams Capital initiated coverage on shares of Concho Resources in a report on Monday, June 18th. They issued a “buy” rating and a $178.00 price target on the stock. Zacks Investment Research raised shares of Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 price target on the stock in a report on Monday, June 25th. TD Securities started coverage on shares of Concho Resources in a research note on Thursday, July 5th. They set a “hold” rating and a $150.00 target price for the company. SunTrust Banks lowered their target price on shares of Concho Resources to $155.00 and set a “hold” rating for the company in a research note on Thursday, July 5th. Finally, Susquehanna Bancshares started coverage on shares of Concho Resources in a research note on Wednesday, July 11th. They set a “positive” rating and a $175.00 target price for the company. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and a consensus target price of $176.57.
Concho Resources stock opened at $150.43 on Friday. The stock has a market cap of $30.59 billion, a PE ratio of 72.05 and a beta of 0.94. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75. Concho Resources Inc has a one year low of $123.63 and a one year high of $163.11.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.92 by $0.32. The business had revenue of $945.00 million during the quarter, compared to analyst estimates of $906.82 million. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The company’s quarterly revenue was up 66.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Equities research analysts predict that Concho Resources Inc will post 4.71 EPS for the current year.
In other news, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the transaction, the senior vice president now owns 16,193 shares in the company, valued at $2,264,752.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark B. Puckett purchased 2,000 shares of the stock in a transaction dated Monday, August 6th. The shares were purchased at an average price of $134.39 per share, with a total value of $268,780.00. Following the transaction, the director now directly owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The disclosure for this purchase can be found here. Insiders have sold 17,500 shares of company stock valued at $2,376,320 in the last 90 days. Insiders own 1.10% of the company’s stock.
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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