AMP Capital Investors Ltd increased its stake in Concho Resources Inc (NYSE:CXO) by 25.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 106,218 shares of the oil and natural gas company’s stock after purchasing an additional 21,793 shares during the quarter. AMP Capital Investors Ltd owned approximately 0.05% of Concho Resources worth $16,084,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of CXO. BlackRock Inc. raised its holdings in shares of Concho Resources by 33.2% in the 3rd quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock worth $2,029,458,000 after purchasing an additional 3,315,173 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Concho Resources by 38.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock worth $757,752,000 after purchasing an additional 1,377,981 shares during the period. Millennium Management LLC bought a new stake in shares of Concho Resources in the 2nd quarter worth approximately $166,582,000. FMR LLC raised its holdings in shares of Concho Resources by 16.2% in the 2nd quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after purchasing an additional 668,035 shares during the period. Finally, FIL Ltd raised its holdings in shares of Concho Resources by 91.8% in the 3rd quarter. FIL Ltd now owns 1,297,215 shares of the oil and natural gas company’s stock worth $198,149,000 after purchasing an additional 620,955 shares during the period. 84.60% of the stock is currently owned by institutional investors.
CXO has been the topic of a number of analyst reports. Morgan Stanley boosted their target price on shares of Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a report on Wednesday, September 26th. JPMorgan Chase & Co. set a $188.00 target price on shares of Concho Resources and gave the company a “buy” rating in a report on Monday, October 29th. TheStreet raised shares of Concho Resources from a “c+” rating to a “b” rating in a report on Friday, September 28th. Jefferies Financial Group set a $203.00 target price on shares of Concho Resources and gave the company a “buy” rating in a report on Friday, October 5th. Finally, SunTrust Banks raised shares of Concho Resources from a “hold” rating to a “buy” rating and boosted their target price for the company from $155.00 to $170.00 in a report on Monday, September 24th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Concho Resources has a consensus rating of “Buy” and a consensus target price of $181.83.
CXO opened at $130.34 on Monday. The firm has a market cap of $26.10 billion, a PE ratio of 62.36, a PEG ratio of 0.91 and a beta of 1.00. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. 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 Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. Sell-side analysts forecast that Concho Resources Inc will post 4.97 EPS for the current fiscal year.
In other news, SVP Lee Price Moncrief sold 4,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $2,264,752.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.
About Concho Resources
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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