Sippican Capital Advisors boosted its stake in shares of Concho Resources Inc (NYSE:CXO) by 65.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,623 shares of the oil and natural gas company’s stock after purchasing an additional 3,013 shares during the quarter. Sippican Capital Advisors’ holdings in Concho Resources were worth $846,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. National Pension Service lifted its position in Concho Resources by 4.4% during the 4th quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock worth $20,817,000 after acquiring an additional 7,334 shares during the period. Perella Weinberg Partners Capital Management LP acquired a new position in Concho Resources during the fourth quarter worth $28,109,000. Jackson Hole Capital Partners LLC acquired a new position in Concho Resources during the fourth quarter worth $611,000. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Concho Resources during the fourth quarter worth $997,000. Finally, Community Trust & Investment Co. acquired a new position in Concho Resources during the fourth quarter worth $892,000. Institutional investors own 94.65% of the company’s stock.
In other news, Director Steven L. Beal sold 7,500 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $99.90, for a total transaction of $749,250.00. Following the sale, the director now owns 69,096 shares in the company, valued at approximately $6,902,690.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gary A. Merriman bought 2,000 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average price of $111.51 per share, for a total transaction of $223,020.00. Following the acquisition, the director now owns 19,727 shares in the company, valued at approximately $2,199,757.77. The disclosure for this purchase can be found here. In the last quarter, insiders sold 16,200 shares of company stock worth $1,728,834. 1.10% of the stock is currently owned by company insiders.
CXO has been the topic of several research reports. TheStreet upgraded shares of Concho Resources from a “c” rating to a “b-” rating in a report on Tuesday, February 19th. Williams Capital restated a “buy” rating and set a $182.00 price objective on shares of Concho Resources in a report on Monday, February 11th. Morgan Stanley set a $154.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, January 29th. Mizuho initiated coverage on shares of Concho Resources in a report on Tuesday, January 29th. They set a “buy” rating and a $156.00 price objective on the stock. Finally, Cowen set a $140.00 price objective on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $164.52.
NYSE:CXO traded up $0.29 during trading hours on Wednesday, hitting $116.18. The company had a trading volume of 19,975 shares, compared to its average volume of 1,953,584. The stock has a market cap of $23.25 billion, a P/E ratio of 25.28, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11. Concho Resources Inc has a 52 week low of $93.31 and a 52 week high of $163.11. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.22.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.16). The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.16 billion. Concho Resources had a net margin of 55.07% and a return on equity of 5.69%. The business’s revenue was up 36.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. On average, analysts expect that Concho Resources Inc will post 4.51 EPS for the current fiscal year.
The business also recently declared a special dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.125 dividend. The ex-dividend date of this dividend was Thursday, February 28th. Concho Resources’s dividend payout ratio (DPR) is currently 10.89%.
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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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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