Concho Resources Inc (CXO) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. lifted its holdings in shares of Concho Resources Inc (NYSE:CXO) by 24.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 209,331 shares of the oil and natural gas company’s stock after purchasing an additional 41,284 shares during the quarter. Prudential Financial Inc.’s holdings in Concho Resources were worth $31,976,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in shares of Concho Resources during the 2nd quarter valued at about $166,000. Cerebellum GP LLC bought a new position in shares of Concho Resources in the third quarter valued at approximately $188,000. Summit X LLC bought a new position in shares of Concho Resources in the second quarter valued at approximately $203,000. KC Investment Advisors LLC bought a new position in shares of Concho Resources in the second quarter valued at approximately $204,000. Finally, IFP Advisors Inc lifted its holdings in shares of Concho Resources by 85.6% in the third quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock valued at $221,000 after purchasing an additional 666 shares in the last quarter. Institutional investors own 84.60% of the company’s stock.

Concho Resources stock opened at $135.51 on Friday. Concho Resources Inc has a one year low of $123.63 and a one year high of $163.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.53. The firm has a market capitalization of $27.14 billion, a PE ratio of 64.84, a P/E/G ratio of 0.95 and a beta of 1.00.

Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The firm’s quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. Analysts anticipate that Concho Resources Inc will post 4.91 EPS for the current fiscal year.

In related news, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction 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 completion of the sale, the senior vice president now owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $137.24, for a total value of $343,100.00. Following the sale, the director now directly owns 75,548 shares of the company’s stock, valued at approximately $10,368,207.52. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

A number of analysts recently commented on CXO shares. Morgan Stanley increased their price target on Concho Resources from $155.00 to $163.00 and gave the company a “hold” rating in a research report on Wednesday, September 26th. JPMorgan Chase & Co. set a $188.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Monday, October 29th. Jefferies Financial Group set a $203.00 price target on Concho Resources and gave the company a “buy” rating in a research report on Friday, October 5th. SunTrust Banks raised Concho Resources from a “hold” rating to a “buy” rating and increased their price target for the company from $155.00 to $170.00 in a research report on Monday, September 24th. Finally, TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Concho Resources presently has an average rating of “Buy” and an average price target of $181.36.

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

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