Concho Resources Inc (CXO) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its holdings in Concho Resources Inc (NYSE:CXO) by 23.6% in the third quarter, Holdings Channel reports. The fund owned 38,301 shares of the oil and natural gas company’s stock after acquiring an additional 7,325 shares during the period. State of Alaska Department of Revenue’s holdings in Concho Resources were worth $5,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Baird Financial Group Inc. lifted its holdings in Concho Resources by 19.4% in the 2nd quarter. Baird Financial Group Inc. now owns 2,398 shares of the oil and natural gas company’s stock valued at $332,000 after acquiring an additional 390 shares during the last quarter. Kingfisher Capital LLC lifted its holdings in Concho Resources by 6.0% in the 1st quarter. Kingfisher Capital LLC now owns 6,940 shares of the oil and natural gas company’s stock valued at $1,043,000 after acquiring an additional 392 shares during the last quarter. Twin Capital Management Inc. lifted its holdings in Concho Resources by 0.9% in the 2nd quarter. Twin Capital Management Inc. now owns 47,460 shares of the oil and natural gas company’s stock valued at $6,566,000 after acquiring an additional 410 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Concho Resources by 25.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock valued at $300,000 after acquiring an additional 441 shares during the last quarter. Finally, Tiverton Asset Management LLC lifted its holdings in Concho Resources by 4.9% in the 2nd quarter. Tiverton Asset Management LLC now owns 10,068 shares of the oil and natural gas company’s stock valued at $1,393,000 after acquiring an additional 472 shares during the last quarter. 77.44% of the stock is owned by institutional investors.

A number of analysts have commented on CXO shares. SunTrust Banks raised shares of Concho Resources from a “hold” rating to a “buy” rating and upped their price objective for the company from $155.00 to $170.00 in a research note on Monday, September 24th. TheStreet lowered shares of Concho Resources from a “b” rating to a “c+” rating in a research note on Tuesday, August 14th. TD Securities started coverage on shares of Concho Resources in a research note on Thursday, July 5th. They set a “hold” rating and a $150.00 price objective for the company. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $193.00 price objective on shares of Concho Resources in a research note on Friday, September 28th. Finally, Morgan Stanley upped their price objective on shares of Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a research note on Wednesday, September 26th. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $176.57.

In other news, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $133.98, for a total value of $1,473,780.00. Following the transaction, the senior vice president now owns 51,058 shares in the company, valued at approximately $6,840,750.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Lee Price Moncrief sold 4,000 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the transaction, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The disclosure for this sale can be found here. Insiders sold a total of 17,500 shares of company stock worth $2,376,320 in the last quarter. 1.10% of the stock is owned by corporate insiders.

Shares of CXO opened at $150.43 on Friday. The stock has a market capitalization of $30.59 billion, a PE ratio of 72.05 and a beta of 0.94. Concho Resources Inc has a fifty-two week low of $123.63 and a fifty-two week high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76.

Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.32. The company had revenue of $945.00 million for the quarter, compared to the consensus estimate of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm’s quarterly revenue was up 66.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, sell-side analysts expect that Concho Resources Inc will post 4.71 EPS for the current fiscal year.

About Concho Resources

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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