Banque Pictet & Cie SA Takes Position in Concho Resources (CXO)

Banque Pictet & Cie SA bought a new position in shares of Concho Resources (NYSE:CXO) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 48,532 shares of the oil and natural gas company’s stock, valued at approximately $7,296,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its stake in shares of Concho Resources by 325.2% during the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock worth $137,000 after purchasing an additional 696 shares during the period. ING Groep NV bought a new position in shares of Concho Resources during the fourth quarter worth approximately $201,000. Commerce Bank bought a new position in shares of Concho Resources during the first quarter worth approximately $205,000. Park Avenue Securities LLC bought a new position in shares of Concho Resources during the fourth quarter worth approximately $208,000. Finally, Harbor Advisors LLC bought a new position in shares of Concho Resources during the fourth quarter worth approximately $225,000. Institutional investors own 95.16% of the company’s stock.

A number of brokerages recently issued reports on CXO. Credit Suisse Group set a $159.00 price target on Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Jefferies Group set a $185.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Stifel Nicolaus set a $195.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Monday, January 29th. Morgan Stanley increased their price target on Concho Resources from $155.00 to $183.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Finally, Deutsche Bank began coverage on Concho Resources in a research report on Thursday, February 1st. They set a “hold” rating and a $171.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Concho Resources has a consensus rating of “Buy” and an average target price of $172.41.

Shares of CXO stock opened at $154.92 on Friday. The firm has a market capitalization of $22.31 billion, a price-to-earnings ratio of 74.12 and a beta of 0.99. Concho Resources has a fifty-two week low of $148.13 and a fifty-two week high of $150.03. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.64 and a current ratio of 0.65.

Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.19. The firm had revenue of $947.00 million for the quarter, compared to the consensus estimate of $808.60 million. Concho Resources had a return on equity of 4.34% and a net margin of 39.06%. The company’s revenue was up 54.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.49 EPS. analysts forecast that Concho Resources will post 4.9 earnings per share for the current year.

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, 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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