California State Teachers Retirement System lifted its position in shares of Concho Resources Inc. (NYSE:CXO) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 292,486 shares of the oil and natural gas company’s stock after purchasing an additional 3,573 shares during the period. California State Teachers Retirement System owned about 0.20% of Concho Resources worth $35,545,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Capital Advisors Inc. OK purchased a new stake in shares of Concho Resources during the 2nd quarter worth $2,093,000. Birinyi Associates Inc. lifted its position in shares of Concho Resources by 4.3% during the 2nd quarter. Birinyi Associates Inc. now owns 11,000 shares of the oil and natural gas company’s stock worth $1,337,000 after purchasing an additional 450 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Concho Resources by 1.1% during the 2nd quarter. Wells Fargo & Company MN now owns 2,054,048 shares of the oil and natural gas company’s stock worth $249,628,000 after purchasing an additional 22,167 shares during the last quarter. Sentry Investments Corp. purchased a new stake in shares of Concho Resources during the 2nd quarter worth $1,823,000. Finally, Nordea Investment Management AB lifted its position in shares of Concho Resources by 33.6% during the 2nd quarter. Nordea Investment Management AB now owns 7,968 shares of the oil and natural gas company’s stock worth $968,000 after purchasing an additional 2,003 shares during the last quarter. 92.36% of the stock is owned by institutional investors and hedge funds.
Shares of Concho Resources Inc. (CXO) traded down 0.01% during midday trading on Friday, hitting $134.99. 84,145 shares of the stock were exchanged. The company has a market cap of $19.92 billion, a PE ratio of 31.33 and a beta of 1.14. Concho Resources Inc. has a 12-month low of $106.73 and a 12-month high of $147.55. The firm has a 50-day moving average price of $123.30 and a 200-day moving average price of $124.27.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The firm had revenue of $567.00 million for the quarter, compared to the consensus estimate of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. Concho Resources’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same period last year, the firm posted $0.26 EPS. On average, equities analysts predict that Concho Resources Inc. will post $1.61 EPS for the current year.
Several research firms have recently issued reports on CXO. Barclays PLC lifted their price objective on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday. Jefferies Group LLC raised shares of Concho Resources from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a research report on Monday. Stifel Nicolaus set a $185.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research report on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating and issued a $158.00 price target on shares of Concho Resources in a research report on Friday, September 29th. Finally, Piper Jaffray Companies reduced their price target on shares of Concho Resources from $167.00 to $142.00 and set an “overweight” rating for the company in a research report on Monday, September 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $151.06.
In related news, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction dated 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 sale, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.99% of the company’s stock.
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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