Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Concho Resources Inc (NYSE:CXO) by 45.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,200 shares of the oil and natural gas company’s stock after selling 42,400 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Concho Resources were worth $7,668,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Concho Resources by 33.2% in the third quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock valued at $2,029,458,000 after buying an additional 3,315,173 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Concho Resources by 38.5% in the third quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after buying an additional 1,377,981 shares in the last quarter. Millennium Management LLC bought a new position in Concho Resources in the second quarter valued at approximately $166,582,000. FMR LLC lifted its stake in Concho Resources by 16.2% in the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock valued at $662,804,000 after buying an additional 668,035 shares in the last quarter. Finally, FIL Ltd lifted its stake in Concho Resources by 91.8% in the third quarter. FIL Ltd now owns 1,297,215 shares of the oil and natural gas company’s stock valued at $198,149,000 after buying an additional 620,955 shares in the last quarter. 84.60% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on CXO. Cowen began coverage on shares of Concho Resources in a research note on Thursday. They issued an “outperform” rating and a $150.00 price target on the stock. Zacks Investment Research lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Wednesday. SunTrust Banks set a $160.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research note on Tuesday, November 27th. ValuEngine lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 26th. Finally, Morgan Stanley cut their price target on shares of Concho Resources from $169.00 to $163.00 and set a “hold” rating on the stock in a research note on Tuesday, November 20th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Concho Resources presently has a consensus rating of “Buy” and a consensus target price of $181.83.
Shares of CXO stock opened at $130.34 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55. The firm has a market capitalization of $26.10 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 0.91 and a beta of 1.00. Concho Resources Inc has a 12 month low of $123.63 and a 12 month high of $163.11.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.27. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The firm’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Analysts anticipate that Concho Resources Inc will post 4.97 earnings per share for the current fiscal 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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