Concho Resources Inc (NYSE:CXO) Shares Sold by Tortoise Capital Advisors L.L.C.

Tortoise Capital Advisors L.L.C. cut its position in shares of Concho Resources Inc (NYSE:CXO) by 27.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 88,990 shares of the oil and natural gas company’s stock after selling 33,748 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Concho Resources were worth $9,182,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Delek Group Ltd. increased its position in shares of Concho Resources by 93.8% during the 1st quarter. Delek Group Ltd. now owns 144,592 shares of the oil and natural gas company’s stock valued at $15,965,000 after purchasing an additional 70,000 shares during the period. Penserra Capital Management LLC boosted its stake in shares of Concho Resources by 303.2% during the 1st quarter. Penserra Capital Management LLC now owns 1,387 shares of the oil and natural gas company’s stock worth $153,000 after acquiring an additional 1,043 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Concho Resources by 39.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 53,177 shares of the oil and natural gas company’s stock worth $5,487,000 after acquiring an additional 14,944 shares in the last quarter. Westpac Banking Corp boosted its stake in shares of Concho Resources by 28.6% during the 1st quarter. Westpac Banking Corp now owns 71,454 shares of the oil and natural gas company’s stock worth $7,929,000 after acquiring an additional 15,883 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Concho Resources by 98.9% during the 2nd quarter. Bank of Montreal Can now owns 94,322 shares of the oil and natural gas company’s stock worth $9,731,000 after acquiring an additional 46,899 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.

Several equities research analysts have recently weighed in on CXO shares. Royal Bank of Canada reduced their price objective on Concho Resources from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Williams Capital reissued a “buy” rating and set a $114.00 price objective on shares of Concho Resources in a research note on Tuesday, September 3rd. Johnson Rice lowered Concho Resources from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. TD Securities reduced their price objective on Concho Resources from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, September 4th. Finally, Credit Suisse Group reduced their price objective on Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $141.62.

In other news, Director Gary A. Merriman acquired 2,000 shares of Concho Resources stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $69.90 per share, with a total value of $139,800.00. Following the completion of the transaction, the director now owns 44,815 shares in the company, valued at $3,132,568.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Jack F. Harper acquired 10,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $65.40 per share, with a total value of $654,000.00. Following the transaction, the president now owns 170,605 shares of the company’s stock, valued at approximately $11,157,567. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 16,200 shares of company stock valued at $1,084,349. 1.10% of the stock is currently owned by insiders.

Shares of Concho Resources stock traded up $0.55 during midday trading on Friday, hitting $73.23. The company’s stock had a trading volume of 2,956,964 shares, compared to its average volume of 2,551,020. The firm has a market capitalization of $14.77 billion, a P/E ratio of 15.95 and a beta of 1.24. The stock has a 50-day simple moving average of $71.88 and a 200-day simple moving average of $97.34. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a 1-year low of $63.92 and a 1-year high of $160.81.

Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. Concho Resources had a return on equity of 4.12% and a net margin of 11.63%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period last year, the business earned $1.24 EPS. As a group, sell-side analysts predict that Concho Resources Inc will post 3.11 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be given a $0.125 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.50 annualized dividend and a dividend yield of 0.68%. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.

Concho Resources Profile

Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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

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