Elkfork Partners LLC Trims Stake in Concho Resources (CXO)

Elkfork Partners LLC trimmed its stake in shares of Concho Resources (NYSE:CXO) by 22.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,216 shares of the oil and natural gas company’s stock after selling 942 shares during the period. Elkfork Partners LLC’s holdings in Concho Resources were worth $483,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CXO. Meeder Asset Management Inc. lifted its holdings in Concho Resources by 325.2% in the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock valued at $137,000 after buying an additional 696 shares during the period. ING Groep NV acquired a new position in Concho Resources in the fourth quarter valued at approximately $201,000. Park Avenue Securities LLC acquired a new position in Concho Resources in the fourth quarter valued at approximately $208,000. Greylin Investment Mangement Inc. acquired a new position in Concho Resources in the fourth quarter valued at approximately $225,000. Finally, Harbor Advisors LLC acquired a new position in Concho Resources in the fourth quarter valued at approximately $225,000. Institutional investors own 95.70% of the company’s stock.

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NYSE:CXO opened at $150.33 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.50 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $22,409.39, a price-to-earnings ratio of 71.93, a PEG ratio of 0.88 and a beta of 1.01. Concho Resources has a twelve month low of $106.73 and a twelve month high of $162.91.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.20. The company had revenue of $780.00 million for the quarter, compared to analyst estimates of $720.51 million. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The business’s revenue for the quarter was up 48.6% compared to the same quarter last year. During the same period last year, the business posted $0.20 earnings per share. research analysts predict that Concho Resources will post 3.79 earnings per share for the current year.

In other news, VP E Joseph Wright sold 83,759 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the completion of the sale, the vice president now owns 159,268 shares of the company’s stock, valued at $23,614,666.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray M. Poage sold 4,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the sale, the director now directly owns 24,799 shares of the company’s stock, valued at approximately $3,741,425.13. The disclosure for this sale can be found here. Insiders have sold 127,759 shares of company stock valued at $18,948,027 in the last three months. 0.99% of the stock is owned by insiders.

Several brokerages recently weighed in on CXO. Credit Suisse Group set a $159.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Monday, January 29th. Jefferies Group set a $185.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, January 30th. Morgan Stanley increased their price objective on shares of Concho Resources from $155.00 to $183.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Finally, Deutsche Bank began coverage on shares of Concho Resources in a report on Thursday, February 1st. They issued a “hold” rating and a $171.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $171.19.

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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.

Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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