Sentry Investments Corp. purchased a new position in Concho Resources Inc. (NYSE:CXO) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,000 shares of the oil and natural gas company’s stock, valued at approximately $1,823,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of CXO. Balentine LLC raised its holdings in shares of Concho Resources by 176.7% during the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after purchasing an additional 530 shares during the last quarter. Exane Derivatives raised its holdings in shares of Concho Resources by 247.2% during the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after purchasing an additional 739 shares during the last quarter. NN Investment Partners Holdings N.V. raised its holdings in shares of Concho Resources by 22.5% during the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after purchasing an additional 200 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Concho Resources during the first quarter worth $174,000. Finally, Baird Financial Group Inc. purchased a new position in shares of Concho Resources during the first quarter worth $201,000. 92.41% of the stock is owned by institutional investors and hedge funds.
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CXO has been the subject of several recent research reports. Jefferies Group LLC reissued a “hold” rating and set a $109.00 target price (down previously from $130.00) on shares of Concho Resources in a report on Tuesday, August 29th. BidaskClub raised shares of Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Zacks Investment Research cut shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Stifel Nicolaus reissued a “buy” rating and set a $192.00 target price on shares of Concho Resources in a report on Friday, July 14th. Finally, Citigroup Inc. reduced their target price on shares of Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. Concho Resources currently has an average rating of “Hold” and an average target price of $148.53.
Shares of Concho Resources Inc. (NYSE:CXO) traded up 0.87% during mid-day trading on Friday, hitting $122.84. 1,385,456 shares of the stock traded hands. The firm has a market cap of $18.12 billion, a price-to-earnings ratio of 28.51 and a beta of 1.12. The firm’s 50 day moving average price is $115.38 and its 200 day moving average price is $124.04. Concho Resources Inc. has a 12-month low of $106.73 and a 12-month high of $147.55.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million during the quarter, compared to the consensus estimate of $626.09 million. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business’s revenue was up 43.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 EPS. On average, equities research analysts predict that Concho Resources Inc. will post $1.62 EPS for the current fiscal year.
In other news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the transaction, the vice president now owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.99% of the company’s stock.
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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