Concho Resources Inc (CXO) Stake Raised by Great West Life Assurance Co. Can

Great West Life Assurance Co. Can increased its position in shares of Concho Resources Inc (NYSE:CXO) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,765 shares of the oil and natural gas company’s stock after acquiring an additional 5,866 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Concho Resources were worth $17,390,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pictet Asset Management Ltd. grew its position in Concho Resources by 25.0% during the third quarter. Pictet Asset Management Ltd. now owns 98,638 shares of the oil and natural gas company’s stock valued at $15,067,000 after purchasing an additional 19,700 shares in the last quarter. Carillon Tower Advisers Inc. purchased a new position in Concho Resources during the third quarter valued at approximately $20,734,000. Westpac Banking Corp grew its position in Concho Resources by 478.6% during the third quarter. Westpac Banking Corp now owns 55,471 shares of the oil and natural gas company’s stock valued at $8,473,000 after purchasing an additional 45,884 shares in the last quarter. Shell Asset Management Co. grew its position in Concho Resources by 5.0% during the third quarter. Shell Asset Management Co. now owns 44,662 shares of the oil and natural gas company’s stock valued at $6,822,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Caymus Capital Partners L.P. purchased a new position in Concho Resources during the third quarter valued at approximately $31,637,000. Institutional investors and hedge funds own 94.29% of the company’s stock.

CXO stock opened at $134.74 on Tuesday. The company has a quick ratio of 0.53, a current ratio of 0.55 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $26.10 billion, a price-to-earnings ratio of 64.47, a price-to-earnings-growth ratio of 0.91 and a beta of 1.03. Concho Resources Inc has a 12 month low of $123.63 and a 12 month high of $163.11.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The company’s revenue for the quarter was up 90.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, equities research analysts predict that Concho Resources Inc will post 4.97 EPS for the current fiscal year.

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. set a $188.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Monday, October 29th. Wells Fargo & Co assumed coverage on shares of Concho Resources in a research report on Wednesday, October 24th. They set an “outperform” rating and a $209.00 price objective on the stock. KLR Group reaffirmed a “buy” rating and set a $175.00 price objective on shares of Concho Resources in a research report on Monday, August 20th. ValuEngine downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Thursday, November 8th. Finally, TheStreet raised shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $181.83.

In related news, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total transaction of $559,440.00. Following the completion of the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at approximately $2,264,752.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by corporate insiders.

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Concho Resources Company Profile

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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