Westpac Banking Corp lessened its holdings in shares of Concho Resources Inc. (NYSE:CXO) by 20.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,706 shares of the oil and natural gas company’s stock after selling 2,451 shares during the quarter. Westpac Banking Corp’s holdings in Concho Resources were worth $1,180,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of CXO. Balentine LLC grew its stake in Concho Resources by 176.7% during the 1st quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock valued at $107,000 after purchasing an additional 530 shares in the last quarter. Exane Derivatives grew its position in shares of Concho Resources by 247.2% in the 2nd quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after acquiring an additional 739 shares in the last quarter. NN Investment Partners Holdings N.V. grew its position in shares of Concho Resources by 22.5% in the 2nd 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 acquiring an additional 200 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Concho Resources in the 1st quarter worth approximately $174,000. Finally, Baird Financial Group Inc. acquired a new position in shares of Concho Resources in the 1st quarter worth approximately $201,000. Hedge funds and other institutional investors own 92.41% of the company’s stock.
Shares of Concho Resources Inc. (NYSE CXO) opened at 122.84 on Friday. 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 52 week low of $106.73 and a 52 week high of $147.55. The company has a market cap of $18.12 billion, a P/E ratio of 28.51 and a beta of 1.12.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million for the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. Concho Resources’s revenue for the quarter was up 43.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. On average, equities analysts predict that Concho Resources Inc. will post $1.62 EPS for the current fiscal year.
CXO has been the subject of several research reports. Royal Bank Of Canada set a $178.00 target price on Concho Resources and gave the stock a “buy” rating in a research report on Saturday, June 17th. Seaport Global Securities lowered Concho Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $163.00 to $100.00 in a research report on Wednesday, June 21st. Zacks Investment Research lowered Concho Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. BMO Capital Markets reiterated a “buy” rating and issued a $180.00 target price on shares of Concho Resources in a research report on Thursday, June 22nd. Finally, BidaskClub lowered Concho Resources from a “buy” rating to a “hold” rating in a research report on Saturday, August 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $148.53.
In related news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the sale, 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 filing with the SEC, which can be accessed through this hyperlink. 0.99% of the stock is owned by corporate insiders.
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Concho Resources Company Profile
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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