Lord Abbett & CO. LLC Raises Holdings in Concho Resources Inc (CXO)

Lord Abbett & CO. LLC raised its position in Concho Resources Inc (NYSE:CXO) by 0.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 431,338 shares of the oil and natural gas company’s stock after buying an additional 2,087 shares during the quarter. Lord Abbett & CO. LLC owned about 0.29% of Concho Resources worth $64,843,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Aristotle Atlantic Partners LLC raised its stake in shares of Concho Resources by 35.2% in the first quarter. Aristotle Atlantic Partners LLC now owns 2,369 shares of the oil and natural gas company’s stock valued at $356,000 after buying an additional 617 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Concho Resources by 231.4% in the first quarter. Nuveen Asset Management LLC now owns 20,762 shares of the oil and natural gas company’s stock valued at $3,121,000 after buying an additional 14,497 shares during the period. Rampart Investment Management Company LLC raised its stake in shares of Concho Resources by 73.7% in the first quarter. Rampart Investment Management Company LLC now owns 3,168 shares of the oil and natural gas company’s stock valued at $476,000 after buying an additional 1,344 shares during the period. Clinton Group Inc. raised its stake in shares of Concho Resources by 429.6% in the first quarter. Clinton Group Inc. now owns 14,373 shares of the oil and natural gas company’s stock valued at $2,161,000 after buying an additional 11,659 shares during the period. Finally, Credit Agricole S A raised its stake in shares of Concho Resources by 2,301.7% in the first quarter. Credit Agricole S A now owns 30,646 shares of the oil and natural gas company’s stock valued at $4,607,000 after buying an additional 29,370 shares during the period. Hedge funds and other institutional investors own 97.16% of the company’s stock.

Concho Resources stock opened at $133.86 on Wednesday. Concho Resources Inc has a 52 week low of $106.73 and a 52 week high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.65 and a quick ratio of 0.64. The stock has a market cap of $19.32 billion, a P/E ratio of 64.05 and a beta of 0.96.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.19. Concho Resources had a return on equity of 4.34% and a net margin of 39.06%. The business had revenue of $947.00 million during the quarter, compared to analysts’ expectations of $808.60 million. During the same period in the previous year, the business earned $0.49 earnings per share. The firm’s revenue was up 54.7% on a year-over-year basis. equities research analysts predict that Concho Resources Inc will post 4.43 earnings per share for the current fiscal year.

CXO has been the topic of several research reports. Jefferies Financial Group set a $187.00 target price on Concho Resources and gave the company a “buy” rating in a research note on Monday, March 19th. Credit Suisse Group boosted their target price on Concho Resources from $164.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, May 2nd. Sanford C. Bernstein lowered Concho Resources from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $180.00 to $130.00 in a research note on Thursday, June 7th. KeyCorp boosted their target price on Concho Resources from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, April 23rd. Finally, Stifel Nicolaus boosted their target price on Concho Resources from $200.00 to $212.00 and gave the company a “buy” rating in a research note on Thursday, March 29th. Ten research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Concho Resources has an average rating of “Buy” and a consensus price target of $169.82.

Concho Resources 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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