Pitcairn Co. decreased its stake in Concho Resources Inc. (NYSE:CXO) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 1,919 shares of the oil and natural gas company’s stock after selling 6 shares during the period. Pitcairn Co.’s holdings in Concho Resources were worth $233,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its position in shares of Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock valued at $1,238,471,000 after buying an additional 9,314,878 shares during the period. Lime Rock Management LP acquired a new position in shares of Concho Resources during the first quarter valued at approximately $198,407,000. Vanguard Group Inc. raised its position in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock valued at $1,884,670,000 after buying an additional 653,569 shares during the period. State Street Corp raised its position in shares of Concho Resources by 3.1% in the first quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock valued at $1,010,365,000 after buying an additional 236,182 shares during the period. Finally, TCW Group Inc. raised its position in shares of Concho Resources by 81.4% in the first quarter. TCW Group Inc. now owns 490,346 shares of the oil and natural gas company’s stock valued at $62,931,000 after buying an additional 219,969 shares during the period. Institutional investors own 92.44% of the company’s stock.
Shares of Concho Resources Inc. (NYSE CXO) opened at 108.05 on Friday. The firm has a 50-day moving average of $122.50 and a 200-day moving average of $127.78. The company has a market capitalization of $15.94 billion, a P/E ratio of 25.08 and a beta of 1.09. Concho Resources Inc. has a one year low of $107.84 and a one year high of $147.55.
Concho Resources (NYSE:CXO) last released its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567 million for the quarter, compared to the consensus estimate of $626.09 million. During the same period in the previous year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 43.2% on a year-over-year basis. Equities research analysts expect that Concho Resources Inc. will post $1.62 EPS for the current fiscal year.
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A number of research analysts recently issued reports on CXO shares. Citigroup Inc. reiterated a “buy” rating and issued a $173.00 target price (up from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. BidaskClub upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research lowered shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Jefferies Group LLC set a $140.00 target price on shares of Concho Resources and gave the company a “hold” rating in a research note on Wednesday, July 19th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $192.00 target price on shares of Concho Resources in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Concho Resources currently has a consensus rating of “Hold” and a consensus price target of $151.53.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the transaction, the vice president now directly owns 132,388 shares in the company, valued at $15,203,437.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by insiders.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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