Hartford Investment Management Co. trimmed its position in Concho Resources Inc (NYSE:CXO) by 0.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,533 shares of the oil and natural gas company’s stock after selling 95 shares during the period. Hartford Investment Management Co.’s holdings in Concho Resources were worth $2,389,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CXO. National Pension Service increased its holdings in shares of Concho Resources by 4.4% in the fourth quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock valued at $20,817,000 after buying an additional 7,334 shares in the last quarter. Perella Weinberg Partners Capital Management LP bought a new position in shares of Concho Resources in the fourth quarter valued at $28,109,000. Jackson Hole Capital Partners LLC bought a new position in shares of Concho Resources in the fourth quarter valued at $611,000. QUANTRES ASSET MANAGEMENT Ltd bought a new position in shares of Concho Resources in the fourth quarter valued at $997,000. Finally, Community Trust & Investment Co. bought a new position in shares of Concho Resources in the fourth quarter valued at $892,000. Hedge funds and other institutional investors own 94.78% of the company’s stock.
Shares of NYSE:CXO opened at $104.86 on Friday. The firm has a market capitalization of $21.82 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. Concho Resources Inc has a 1 year low of $93.31 and a 1 year high of $162.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.04 and a quick ratio of 1.01.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Thursday, May 9th. Concho Resources’s dividend payout ratio is presently 10.89%.
In other Concho Resources news, Director Steven D. Gray sold 7,000 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $120.00, for a total transaction of $840,000.00. Following the completion of the sale, the director now directly owns 179,039 shares in the company, valued at $21,484,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary A. Merriman purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were purchased at an average price of $111.51 per share, with a total value of $223,020.00. Following the completion of the acquisition, the director now directly owns 19,727 shares of the company’s stock, valued at $2,199,757.77. The disclosure for this purchase can be found here. Insiders sold 23,200 shares of company stock valued at $2,568,834 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.
Several research firms have issued reports on CXO. Morgan Stanley dropped their price target on Concho Resources from $154.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, February 21st. TD Securities dropped their price target on Concho Resources from $130.00 to $120.00 and set a “hold” rating on the stock in a report on Friday, February 22nd. Wells Fargo & Co dropped their price target on Concho Resources from $174.00 to $151.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. They noted that the move was a valuation call. Cowen set a $140.00 price target on Concho Resources and gave the company a “buy” rating in a report on Tuesday, February 19th. Finally, Barclays set a $153.00 price target on Concho Resources and gave the company a “buy” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $164.64.
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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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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