Piedmont Investment Advisors Inc. Buys 2,155 Shares of Concho Resources Inc (CXO)

Piedmont Investment Advisors Inc. grew its stake in Concho Resources Inc (NYSE:CXO) by 123.4% in the third quarter, Holdings Channel reports. The fund owned 3,901 shares of the oil and natural gas company’s stock after purchasing an additional 2,155 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Concho Resources were worth $596,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Concho Resources during the 2nd quarter worth about $166,000. Cerebellum GP LLC acquired a new stake in shares of Concho Resources during the 3rd quarter worth about $188,000. Summit X LLC acquired a new stake in shares of Concho Resources during the 2nd quarter worth about $203,000. KC Investment Advisors LLC acquired a new stake in shares of Concho Resources during the 2nd quarter worth about $204,000. Finally, IFP Advisors Inc increased its position in shares of Concho Resources by 85.6% during the 3rd quarter. IFP Advisors Inc now owns 1,444 shares of the oil and natural gas company’s stock worth $221,000 after purchasing an additional 666 shares during the last quarter. 84.60% of the stock is owned by institutional investors and hedge funds.

Shares of Concho Resources stock opened at $135.51 on Friday. Concho Resources Inc has a 12 month low of $123.63 and a 12 month high of $163.11. The stock has a market cap of $27.14 billion, a P/E ratio of 64.84, a PEG ratio of 0.95 and a beta of 1.00. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.55 and a quick ratio of 0.53.

Concho Resources (NYSE:CXO) last announced its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period last year, the business posted $0.45 EPS. Concho Resources’s revenue for the quarter was up 90.1% on a year-over-year basis. As a group, equities analysts expect that Concho Resources Inc will post 4.91 EPS for the current fiscal year.

A number of analysts recently issued reports on the company. Jefferies Financial Group set a $203.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Friday, October 5th. TheStreet raised Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Piper Jaffray Companies set a $193.00 price objective on Concho Resources and gave the stock a “buy” rating in a research report on Sunday, September 30th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 price objective for the company in a research report on Tuesday, October 16th. Finally, Morgan Stanley raised their price objective on Concho Resources from $155.00 to $163.00 and gave the stock a “hold” rating in a research report on Wednesday, September 26th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $181.36.

In other news, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the transaction, the senior vice president now owns 16,193 shares in the company, valued at approximately $2,264,752.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the transaction, the director now 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. Company insiders own 1.10% of the company’s stock.

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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, 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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