OppenheimerFunds Inc. lowered its stake in Concho Resources Inc (NYSE:CXO) by 7.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 307,098 shares of the oil and natural gas company’s stock after selling 25,246 shares during the period. OppenheimerFunds Inc. owned 0.15% of Concho Resources worth $34,075,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of CXO. Vanguard Group Inc grew its stake in Concho Resources by 34.6% during the 3rd quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after buying an additional 5,380,400 shares during the last quarter. Redpoint Investment Management Pty Ltd grew its stake in Concho Resources by 9.9% during the 4th quarter. Redpoint Investment Management Pty Ltd now owns 13,459 shares of the oil and natural gas company’s stock worth $1,383,000 after buying an additional 1,210 shares during the last quarter. Exane Asset Management purchased a new position in Concho Resources during the 4th quarter worth approximately $65,000. Stevens Capital Management LP purchased a new position in Concho Resources during the 4th quarter worth approximately $1,084,000. Finally, Cigna Investments Inc. New grew its stake in Concho Resources by 1.5% during the 4th quarter. Cigna Investments Inc. New now owns 5,869 shares of the oil and natural gas company’s stock worth $602,000 after buying an additional 89 shares during the last quarter. 94.60% of the stock is owned by institutional investors and hedge funds.
Shares of CXO traded down $2.99 during mid-day trading on Wednesday, hitting $97.85. The company’s stock had a trading volume of 14,156 shares, compared to its average volume of 2,017,441. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.60. The stock has a market capitalization of $19.76 billion, a P/E ratio of 21.36, a P/E/G ratio of 0.79 and a beta of 1.19. Concho Resources Inc has a 1-year low of $93.31 and a 1-year high of $160.81.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.00 earnings per share. Research analysts anticipate that Concho Resources Inc will post 4.18 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 10th will be issued a $0.125 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.50 annualized dividend and a dividend yield of 0.51%. Concho Resources’s dividend payout ratio is currently 10.89%.
A number of research firms recently issued reports on CXO. KeyCorp raised their price target on Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, April 22nd. Williams Capital reiterated a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a research note on Sunday, April 21st. Morgan Stanley lowered their target price on Concho Resources from $141.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, May 16th. Barclays set a $153.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Thursday, April 11th. Finally, MKM Partners lowered their target price on Concho Resources from $161.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Concho Resources has a consensus rating of “Buy” and an average price target of $164.32.
In other news, Chairman Timothy A. Leach sold 54,545 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $109.34, for a total value of $5,963,950.30. Following the completion of the sale, the chairman now directly owns 680,041 shares of the company’s stock, valued at approximately $74,355,682.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven D. Gray sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $115.00, for a total value of $517,500.00. Following the completion of the sale, the director now directly owns 186,039 shares of the company’s stock, valued at $21,394,485. The disclosure for this sale can be found here. Insiders sold a total of 66,045 shares of company stock valued at $7,321,450 over the last three months. Insiders own 1.10% of the company’s stock.
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Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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