Concho Resources Inc. (CXO) Shares Bought by DnB Asset Management AS

DnB Asset Management AS increased its position in Concho Resources Inc. (NYSE:CXO) by 1.2% during the second quarter, Holdings Channel reports. The firm owned 17,355 shares of the oil and natural gas company’s stock after buying an additional 200 shares during the period. DnB Asset Management AS’s holdings in Concho Resources were worth $2,109,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Syntal Capital Partners LLC raised its stake in Concho Resources by 0.7% in the first quarter. Syntal Capital Partners LLC now owns 2,773 shares of the oil and natural gas company’s stock worth $355,000 after buying an additional 19 shares during the period. Wetherby Asset Management Inc. raised its stake in Concho Resources by 1.6% in the first quarter. Wetherby Asset Management Inc. now owns 1,733 shares of the oil and natural gas company’s stock worth $222,000 after buying an additional 27 shares during the period. Dynamic Technology Lab Private Ltd raised its stake in Concho Resources by 1.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 4,400 shares of the oil and natural gas company’s stock worth $564,000 after buying an additional 51 shares during the period. Pacer Advisors Inc. raised its stake in Concho Resources by 3.4% in the first quarter. Pacer Advisors Inc. now owns 2,367 shares of the oil and natural gas company’s stock worth $304,000 after buying an additional 77 shares during the period. Finally, Cleararc Capital Inc. raised its stake in Concho Resources by 2.7% in the first quarter. Cleararc Capital Inc. now owns 3,644 shares of the oil and natural gas company’s stock worth $468,000 after buying an additional 95 shares during the period. 93.13% of the stock is owned by institutional investors and hedge funds.

Shares of Concho Resources Inc. (CXO) opened at 120.75 on Monday. Concho Resources Inc. has a 52 week low of $112.73 and a 52 week high of $147.55. The stock has a 50 day moving average of $124.42 and a 200 day moving average of $131.22. The firm has a market cap of $17.76 billion, a P/E ratio of 83.10 and a beta of 1.08.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.18. Concho Resources had a return on equity of 2.44% and a net margin of 10.60%. The business had revenue of $612 million for the quarter, compared to analysts’ expectations of $607.71 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The firm’s revenue for the quarter was up 115.5% on a year-over-year basis. Equities analysts forecast that Concho Resources Inc. will post $1.63 earnings per share for the current year.

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A number of analysts have recently issued reports on the stock. Royal Bank of Canada reissued a “buy” rating and issued a $178.00 price target on shares of Concho Resources in a research report on Friday, May 12th. Credit Suisse Group set a $158.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Saturday, May 6th. BidaskClub lowered shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Thursday, June 22nd. Scotiabank set a $125.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a research report on Saturday, July 1st. Finally, Jefferies Group LLC set a $140.00 price target on shares of Concho Resources and gave the stock a “hold” rating in a research report on Wednesday, May 17th. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $156.95.

In related news, Director Lawrence J. Nagy sold 120,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. 1.20% of the stock is currently owned by corporate insiders.

About Concho Resources

Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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

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