Profund Advisors LLC increased its holdings in shares of Concho Resources Inc (NYSE:CXO) by 4.9% during the second quarter, HoldingsChannel.com reports. The fund owned 8,092 shares of the oil and natural gas company’s stock after buying an additional 379 shares during the quarter. Profund Advisors LLC’s holdings in Concho Resources were worth $835,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of CXO. Mizuho Securities Co. Ltd. bought a new stake in Concho Resources during the second quarter worth $41,000. Crewe Advisors LLC bought a new stake in Concho Resources during the second quarter worth $51,000. NEXT Financial Group Inc bought a new stake in Concho Resources during the second quarter worth $53,000. Icon Wealth Partners LLC bought a new stake in Concho Resources during the first quarter worth $57,000. Finally, Manchester Capital Management LLC bought a new stake in Concho Resources during the first quarter worth $80,000. Institutional investors and hedge funds own 95.21% of the company’s stock.
CXO has been the topic of a number of recent analyst reports. TD Securities dropped their price target on Concho Resources from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, September 4th. SunTrust Banks lowered their target price on Concho Resources to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Raymond James lowered their target price on Concho Resources from $150.00 to $130.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 2nd. Mitsubishi UFJ Financial Group lowered their target price on Concho Resources from $121.00 to $116.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada lowered their target price on Concho Resources from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $141.65.
In related news, Director Gary A. Merriman purchased 2,000 shares of Concho Resources stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $69.90 per share, for a total transaction of $139,800.00. Following the completion of the transaction, the director now owns 44,815 shares in the company, valued at $3,132,568.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan J. Helms purchased 700 shares of Concho Resources stock in a transaction dated Thursday, August 8th. The stock was bought at an average price of $70.12 per share, with a total value of $49,084.00. Following the completion of the transaction, the director now owns 5,137 shares of the company’s stock, valued at approximately $360,206.44. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 16,200 shares of company stock valued at $1,084,349. 1.10% of the stock is owned by company insiders.
Shares of NYSE CXO traded down $1.80 during mid-day trading on Tuesday, hitting $74.35. The company had a trading volume of 74,987 shares, compared to its average volume of 2,365,725. The company has a market capitalization of $15.30 billion, a price-to-earnings ratio of 16.23 and a beta of 1.25. Concho Resources Inc has a 1 year low of $63.92 and a 1 year high of $160.81. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average price is $73.77 and its 200-day moving average price is $98.09.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. Concho Resources’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.24 earnings per share. As a group, equities research analysts forecast that Concho Resources Inc will post 3.11 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Thursday, August 8th. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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