BlueCrest Capital Management Ltd purchased a new stake in Concho Resources Inc. (NYSE:CXO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 20,255 shares of the oil and natural gas company’s stock, valued at approximately $2,462,000.
A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its position in Concho Resources by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 15,139,409 shares of the oil and natural gas company’s stock valued at $1,839,892,000 after buying an additional 454,428 shares during the period. Capital World Investors lifted its position in shares of Concho Resources by 10.6% during the 2nd quarter. Capital World Investors now owns 10,792,500 shares of the oil and natural gas company’s stock worth $1,311,613,000 after purchasing an additional 1,034,000 shares during the last quarter. BlackRock Inc. lifted its position in shares of Concho Resources by 2,780.2% during the 1st quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock worth $1,238,471,000 after purchasing an additional 9,314,878 shares during the last quarter. State Street Corp lifted its position in shares of Concho Resources by 0.3% during the 2nd quarter. State Street Corp now owns 7,893,306 shares of the oil and natural gas company’s stock worth $959,272,000 after purchasing an additional 20,760 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Concho Resources by 30.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after purchasing an additional 1,599,084 shares during the last quarter. 92.36% of the stock is owned by institutional investors.
CXO has been the subject of several recent analyst reports. Royal Bank Of Canada set a $178.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research report on Saturday, June 17th. Seaport Global Securities cut shares of Concho Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $163.00 to $100.00 in a research report on Wednesday, June 21st. Zacks Investment Research cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies decreased their price objective 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. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $180.00 price objective on shares of Concho Resources in a research report on Thursday, June 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the company. Concho Resources presently has a consensus rating of “Hold” and a consensus target price of $149.81.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the transaction, the vice president now directly owns 132,388 shares in the company, valued at approximately $15,203,437.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.99% of the company’s stock.
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Shares of Concho Resources Inc. (CXO) opened at 134.865 on Wednesday. Concho Resources Inc. has a 12 month low of $106.73 and a 12 month high of $147.55. The stock has a market capitalization of $19.90 billion, a PE ratio of 31.298 and a beta of 1.14. The company has a 50-day moving average of $121.84 and a 200-day moving average of $124.11.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567.00 million for the quarter, compared to the consensus estimate of $626.09 million. During the same period in the prior year, the firm posted $0.26 EPS. The firm’s revenue was up 43.2% compared to the same quarter last year. On average, equities research analysts expect that Concho Resources Inc. will post $1.60 EPS for the current fiscal year.
About Concho Resources
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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