63,725 Shares in Concho Resources Inc (CXO) Purchased by Mobius Capital Management LLC

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Mobius Capital Management LLC purchased a new position in Concho Resources Inc (NYSE:CXO) in the third quarter, HoldingsChannel reports. The fund purchased 63,725 shares of the oil and natural gas company’s stock, valued at approximately $9,734,000. Concho Resources accounts for 7.1% of Mobius Capital Management LLC’s holdings, making the stock its 6th biggest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CXO. Frontier Capital Management Co. LLC raised its holdings in shares of Concho Resources by 31.9% during the third quarter. Frontier Capital Management Co. LLC now owns 366,637 shares of the oil and natural gas company’s stock valued at $56,004,000 after acquiring an additional 88,728 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Concho Resources by 27.4% during the third quarter. Arizona State Retirement System now owns 110,950 shares of the oil and natural gas company’s stock valued at $16,948,000 after acquiring an additional 23,844 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Concho Resources by 26.2% during the third quarter. Public Employees Retirement Association of Colorado now owns 34,299 shares of the oil and natural gas company’s stock valued at $5,239,000 after acquiring an additional 7,124 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Concho Resources by 25.9% during the third quarter. Oppenheimer & Co. Inc. now owns 5,135 shares of the oil and natural gas company’s stock valued at $784,000 after acquiring an additional 1,055 shares during the last quarter. Finally, State Treasurer State of Michigan raised its holdings in shares of Concho Resources by 35.1% during the third quarter. State Treasurer State of Michigan now owns 59,632 shares of the oil and natural gas company’s stock valued at $9,109,000 after acquiring an additional 15,500 shares during the last quarter. 77.59% of the stock is owned by institutional investors.

A number of brokerages have commented on CXO. Stifel Nicolaus reissued a “buy” rating and set a $208.00 target price on shares of Concho Resources in a report on Thursday, August 30th. Williams Capital reissued a “buy” rating and set a $189.00 target price on shares of Concho Resources in a report on Monday, July 23rd. Zacks Investment Research cut Concho Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Susquehanna Bancshares began coverage on Concho Resources in a report on Wednesday, July 11th. They set a “positive” rating and a $175.00 target price for the company. Finally, Morgan Stanley set a $155.00 target price on Concho Resources and gave the company a “hold” rating in a report on Thursday, August 16th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $180.00.

In other Concho Resources news, Director Mark B. Puckett acquired 2,000 shares of the stock in a transaction that occurred on Monday, August 6th. The stock was bought at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the transaction, the director now owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven L. Beal sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the transaction, the director now owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The disclosure for this sale can be found here. Insiders sold 17,500 shares of company stock valued at $2,376,320 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Shares of NYSE:CXO traded up $4.04 during midday trading on Tuesday, hitting $134.97. The company had a trading volume of 63,992 shares, compared to its average volume of 1,612,810. Concho Resources Inc has a twelve month low of $123.63 and a twelve month high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76. The stock has a market cap of $27.07 billion, a PE ratio of 64.19 and a beta of 0.94.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. During the same quarter last year, the firm earned $0.52 earnings per share. The business’s revenue for the quarter was up 66.7% on a year-over-year basis. As a group, analysts predict that Concho Resources Inc will post 4.53 earnings per share for the current fiscal year.

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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