Adams Natural Resources Fund Inc. Has $10,828,000 Position in Concho Resources Inc. (CXO)

Adams Natural Resources Fund Inc. maintained its stake in Concho Resources Inc. (NYSE:CXO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,100 shares of the oil and natural gas company’s stock at the end of the second quarter. Concho Resources makes up approximately 1.8% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 17th largest position. Adams Natural Resources Fund Inc. owned 0.06% of Concho Resources worth $10,828,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock worth $1,238,471,000 after buying an additional 9,314,878 shares during the period. Lime Rock Management LP bought a new stake in Concho Resources during the first quarter worth approximately $198,407,000. Vanguard Group Inc. increased its stake in Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after buying an additional 653,569 shares during the period. State Street Corp increased its stake in Concho Resources by 3.1% in the first quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock worth $1,010,365,000 after buying an additional 236,182 shares during the period. Finally, TCW Group Inc. increased its stake in Concho Resources by 81.4% in the first quarter. TCW Group Inc. now owns 490,346 shares of the oil and natural gas company’s stock worth $62,931,000 after buying an additional 219,969 shares during the period. Institutional investors own 93.13% of the company’s stock.

Shares of Concho Resources Inc. (NYSE:CXO) traded down 0.59% during midday trading on Friday, reaching $115.41. 1,088,076 shares of the company’s stock traded hands. The stock has a 50 day moving average of $123.20 and a 200-day moving average of $128.70. The stock has a market cap of $17.03 billion, a price-to-earnings ratio of 26.78 and a beta of 1.09. Concho Resources Inc. has a 52-week low of $112.73 and a 52-week high of $147.55.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company had revenue of $567 million during the quarter, compared to the consensus estimate of $626.09 million. During the same quarter last year, the firm earned $0.26 earnings per share. The company’s revenue was up 43.2% on a year-over-year basis. On average, equities research analysts expect that Concho Resources Inc. will post $1.60 EPS for the current year.

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Several equities analysts have recently issued reports on CXO shares. Citigroup Inc. reaffirmed a “buy” rating and issued a $173.00 price objective (up previously from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. BidaskClub cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. BMO Capital Markets reaffirmed a “buy” rating and issued a $180.00 price objective on shares of Concho Resources in a research note on Thursday, June 22nd. Zacks Investment Research cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Scotiabank set a $156.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a research note on Thursday, May 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. Concho Resources presently has a consensus rating of “Hold” and an average price target of $152.79.

In related news, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. 1.20% of the stock is currently owned by company insiders.

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.

Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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