Meiji Yasuda Asset Management Co Ltd. Purchases 590 Shares of Concho Resources Inc (CXO)

Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Concho Resources Inc (NYSE:CXO) by 27.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,721 shares of the oil and natural gas company’s stock after purchasing an additional 590 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Concho Resources were worth $416,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Baird Financial Group Inc. raised its position in shares of Concho Resources by 19.4% during the second quarter. Baird Financial Group Inc. now owns 2,398 shares of the oil and natural gas company’s stock worth $332,000 after acquiring an additional 390 shares during the last quarter. Twin Capital Management Inc. raised its position in shares of Concho Resources by 0.9% during the second quarter. Twin Capital Management Inc. now owns 47,460 shares of the oil and natural gas company’s stock worth $6,566,000 after acquiring an additional 410 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Concho Resources by 25.6% during the second quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock worth $300,000 after acquiring an additional 441 shares during the last quarter. Wetherby Asset Management Inc. raised its position in shares of Concho Resources by 21.3% during the third quarter. Wetherby Asset Management Inc. now owns 2,652 shares of the oil and natural gas company’s stock worth $406,000 after acquiring an additional 466 shares during the last quarter. Finally, Tiverton Asset Management LLC raised its position in shares of Concho Resources by 4.9% during the second quarter. Tiverton Asset Management LLC now owns 10,068 shares of the oil and natural gas company’s stock worth $1,393,000 after acquiring an additional 472 shares during the last quarter. 84.60% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently issued reports on CXO shares. TheStreet upgraded Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Jefferies Financial Group lowered their price objective on Concho Resources from $210.00 to $201.00 and set a “buy” rating for the company in a research report on Tuesday, August 7th. KLR Group restated a “buy” rating and set a $175.00 price objective on shares of Concho Resources in a research report on Monday, August 20th. SunTrust Banks upgraded Concho Resources from a “hold” rating to a “buy” rating and raised their price objective for the stock from $155.00 to $170.00 in a research report on Monday, September 24th. Finally, ValuEngine upgraded Concho Resources from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Concho Resources currently has a consensus rating of “Buy” and an average target price of $181.83.

In other Concho Resources news, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now directly owns 16,193 shares in the company, valued at $2,264,752.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.10% of the company’s stock.

Shares of CXO stock opened at $130.34 on Friday. The company has a market capitalization of $26.33 billion, a price-to-earnings ratio of 62.36, a price-to-earnings-growth 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 fifty-two week low of $123.63 and a fifty-two week high of $163.11.

Concho Resources (NYSE:CXO) last issued its earnings results 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. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The firm’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. On average, research analysts anticipate that Concho Resources Inc will post 4.97 earnings per share for the current year.

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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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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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