Sentry Investment Management LLC grew its holdings in shares of Concho Resources Inc (NYSE:CXO) by 306.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,138 shares of the oil and natural gas company’s stock after acquiring an additional 29,501 shares during the period. Sentry Investment Management LLC’s holdings in Concho Resources were worth $5,978,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Concho Resources in the 2nd quarter valued at about $166,000. Cerebellum GP LLC acquired a new stake in shares of Concho Resources in the 3rd quarter valued at about $188,000. Summit X LLC acquired a new stake in shares of Concho Resources in the 2nd quarter valued at about $203,000. KC Investment Advisors LLC acquired a new stake in shares of Concho Resources in the 2nd quarter valued at about $204,000. Finally, IFP Advisors Inc grew its stake in shares of Concho Resources by 85.6% in the 3rd quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock valued at $221,000 after buying an additional 666 shares during the period. Hedge funds and other institutional investors own 77.84% of the company’s stock.
In other Concho Resources news, SVP Erick Nelson sold 11,000 shares of Concho Resources stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total transaction of $1,473,780.00. Following the transaction, the senior vice president now owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total transaction of $559,440.00. Following the transaction, the senior vice president now directly owns 16,193 shares in the company, valued at approximately $2,264,752.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,500 shares of company stock worth $2,376,320. Insiders own 1.10% of the company’s stock.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.27. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 90.1% compared to the same quarter last year. As a group, sell-side analysts expect that Concho Resources Inc will post 4.87 earnings per share for the current fiscal year.
Several analysts have recently commented on CXO shares. TheStreet upgraded Concho Resources from a “c+” rating to a “b” rating in a research note on Friday, September 28th. KLR Group upgraded Concho Resources from a “hold” rating to a “buy” rating and raised their target price for the company from $166.00 to $178.00 in a research note on Tuesday, July 24th. Williams Capital restated a “buy” rating and issued a $189.00 target price on shares of Concho Resources in a research note on Monday, July 23rd. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $220.00 price target on shares of Concho Resources in a research report on Friday, July 20th. Finally, Goldman Sachs Group raised shares of Concho Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 18th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $181.00.
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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