Concho Resources Inc (CXO) Position Increased by World Asset Management Inc

World Asset Management Inc lifted its stake in Concho Resources Inc (NYSE:CXO) by 35.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,939 shares of the oil and natural gas company’s stock after purchasing an additional 3,147 shares during the period. World Asset Management Inc’s holdings in Concho Resources were worth $1,824,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CXO. PNC Financial Services Group Inc. raised its position in Concho Resources by 7.7% during the first quarter. PNC Financial Services Group Inc. now owns 8,844 shares of the oil and natural gas company’s stock worth $1,328,000 after acquiring an additional 634 shares during the last quarter. Russell Investments Group Ltd. raised its position in Concho Resources by 52.0% during the first quarter. Russell Investments Group Ltd. now owns 49,844 shares of the oil and natural gas company’s stock worth $7,409,000 after acquiring an additional 17,048 shares during the last quarter. Stifel Financial Corp raised its position in Concho Resources by 72.8% during the first quarter. Stifel Financial Corp now owns 8,852 shares of the oil and natural gas company’s stock worth $1,332,000 after acquiring an additional 3,729 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Concho Resources during the first quarter worth about $524,000. Finally, Nuveen Asset Management LLC raised its position in Concho Resources by 231.4% during the first quarter. Nuveen Asset Management LLC now owns 20,762 shares of the oil and natural gas company’s stock worth $3,121,000 after acquiring an additional 14,497 shares during the last quarter. Hedge funds and other institutional investors own 77.44% of the company’s stock.

In other news, SVP Erick Nelson sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the completion of the transaction, the senior vice president now owns 51,058 shares of the company’s stock, valued at $6,840,750.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Lee Price Moncrief sold 4,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 16,193 shares of the company’s stock, valued at approximately $2,264,752.98. The disclosure for this sale can be found here. In the last three months, insiders sold 17,500 shares of company stock valued at $2,376,320. Company insiders own 1.10% of the company’s stock.

A number of equities analysts have issued reports on the stock. Jefferies Financial Group set a $203.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research report on Friday, October 5th. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research report on Sunday, September 30th. Morgan Stanley lifted their target price on shares of Concho Resources from $155.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, September 26th. Finally, Goldman Sachs Group upgraded shares of Concho Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 18th. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $176.57.

NYSE:CXO opened at $150.43 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $30.59 billion, a PE ratio of 71.98 and a beta of 0.94. Concho Resources Inc has a 1-year low of $123.63 and a 1-year high of $163.11.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 revenue was up 66.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. Research analysts anticipate that Concho Resources Inc will post 4.71 earnings per share for the current fiscal 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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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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