Franklin Resources Inc. boosted its position in shares of Concho Resources Inc (NYSE:CXO) by 127.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,057,900 shares of the oil and natural gas company’s stock after purchasing an additional 592,445 shares during the period. Franklin Resources Inc. owned approximately 0.53% of Concho Resources worth $161,594,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bridgeway Capital Management Inc. bought a new position in Concho Resources during the 3rd quarter valued at $68,592,000. AMP Capital Investors Ltd boosted its stake in Concho Resources by 25.8% during the 3rd quarter. AMP Capital Investors Ltd now owns 106,218 shares of the oil and natural gas company’s stock valued at $16,084,000 after acquiring an additional 21,793 shares during the last quarter. Brown Advisory Inc. boosted its stake in Concho Resources by 2.1% during the 3rd quarter. Brown Advisory Inc. now owns 29,054 shares of the oil and natural gas company’s stock valued at $4,438,000 after acquiring an additional 602 shares during the last quarter. Aviva PLC boosted its stake in Concho Resources by 27.5% during the 3rd quarter. Aviva PLC now owns 94,583 shares of the oil and natural gas company’s stock valued at $14,448,000 after acquiring an additional 20,423 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in Concho Resources by 27.7% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,721 shares of the oil and natural gas company’s stock valued at $416,000 after acquiring an additional 590 shares during the last quarter. 94.29% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have commented on CXO shares. SunTrust Banks upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and increased their price objective for the company from $155.00 to $170.00 in a research note on Monday, September 24th. Morgan Stanley restated a “hold” rating and issued a $178.00 price target (up from $163.00) on shares of Concho Resources in a research report on Friday, October 12th. Piper Jaffray Companies restated an “overweight” rating and issued a $193.00 price target on shares of Concho Resources in a research report on Friday, September 28th. TheStreet downgraded shares of Concho Resources from a “b” rating to a “c+” rating in a research report on Tuesday, August 14th. Finally, Jefferies Financial Group set a $203.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Friday, October 5th. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $181.83.
CXO stock opened at $130.34 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55. Concho Resources Inc has a fifty-two week low of $123.63 and a fifty-two week high of $163.11. The stock has a market capitalization of $26.10 billion, a P/E ratio of 62.36, a PEG ratio of 0.91 and a beta of 1.03.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the company earned $0.45 EPS. The company’s revenue for the quarter was up 90.1% compared to the same quarter last year. As a group, research analysts forecast that Concho Resources Inc will post 4.97 earnings per share for the current fiscal year.
In related news, SVP Lee Price Moncrief sold 4,000 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the sale, the senior vice president now owns 16,193 shares of the company’s stock, valued at approximately $2,264,752.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is owned by company insiders.
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Concho Resources 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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