Fmr LLC Boosts Position in Concho Resources Inc (CXO)

Fmr LLC boosted its stake in shares of Concho Resources Inc (NYSE:CXO) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,904,659 shares of the oil and natural gas company’s stock after buying an additional 113,875 shares during the quarter. Fmr LLC owned approximately 2.45% of Concho Resources worth $749,186,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CXO. BlackRock Inc. grew its position in Concho Resources by 33.2% during the third quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock valued at $2,029,458,000 after buying an additional 3,315,173 shares during the period. JPMorgan Chase & Co. grew its position in Concho Resources by 38.5% during the third quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after buying an additional 1,377,981 shares during the period. Millennium Management LLC bought a new position in Concho Resources during the second quarter valued at about $166,582,000. FIL Ltd grew its position in Concho Resources by 91.8% during the third quarter. FIL Ltd now owns 1,297,215 shares of the oil and natural gas company’s stock valued at $198,149,000 after buying an additional 620,955 shares during the period. Finally, American Century Companies Inc. grew its position in Concho Resources by 31.7% during the third quarter. American Century Companies Inc. now owns 2,208,094 shares of the oil and natural gas company’s stock valued at $337,286,000 after buying an additional 532,106 shares during the period. Institutional investors own 84.60% of the company’s stock.

CXO has been the subject of several research reports. ValuEngine lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. TheStreet lowered shares of Concho Resources from a “b-” rating to a “c+” rating in a research report on Wednesday, November 14th. Morgan Stanley reduced their price target on shares of Concho Resources from $178.00 to $169.00 and set a “hold” rating for the company in a research report on Monday, November 5th. Seaport Global Securities set a $145.00 target price on shares of Concho Resources and gave the stock a “hold” rating in a research report on Wednesday, October 31st. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $209.00 target price on shares of Concho Resources in a research report on Wednesday, October 24th. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $182.88.

In other Concho Resources news, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total transaction of $343,100.00. Following the transaction, the director now directly owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 $2,264,752.98. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

CXO stock opened at $126.96 on Monday. 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 Inc has a 12 month low of $123.63 and a 12 month high of $163.11. The company has a market capitalization of $25.42 billion, a PE ratio of 60.75, a PEG ratio of 0.89 and a beta of 1.00.

Concho Resources (NYSE:CXO) last released its quarterly earnings data 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 net margin of 26.92% and a return on equity of 6.13%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the business earned $0.45 earnings per share. Concho Resources’s revenue was up 90.1% compared to the same quarter last year. Equities research analysts predict that Concho Resources Inc will post 4.91 EPS for the current year.

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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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