Virginia Retirement Systems ET AL increased its position in shares of Concho Resources Inc (NYSE:CXO) by 16.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,000 shares of the oil and natural gas company’s stock after buying an additional 3,500 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Concho Resources were worth $2,774,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. National Pension Service boosted its holdings in Concho Resources by 4.4% during the fourth quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock valued at $20,817,000 after purchasing an additional 7,334 shares in the last quarter. Perella Weinberg Partners Capital Management LP acquired a new stake in Concho Resources during the fourth quarter valued at approximately $28,109,000. Jackson Hole Capital Partners LLC acquired a new stake in Concho Resources during the fourth quarter valued at approximately $611,000. QUANTRES ASSET MANAGEMENT Ltd acquired a new stake in Concho Resources during the fourth quarter valued at approximately $997,000. Finally, Community Trust & Investment Co. acquired a new stake in Concho Resources during the fourth quarter valued at approximately $892,000. 95.21% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on CXO. KeyCorp lifted their price objective on Concho Resources from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. ValuEngine downgraded Concho Resources from a “hold” rating to a “sell” rating in a report on Tuesday, February 5th. Ifs Securities reiterated a “strong-buy” rating on shares of Concho Resources in a research note on Sunday, February 3rd. Morgan Stanley set a $154.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Tuesday, January 29th. Finally, Mizuho started coverage on shares of Concho Resources in a research note on Tuesday, January 29th. They issued a “buy” rating and a $156.00 target price for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $165.32.
In other Concho Resources news, SVP Scott Kidwell sold 4,200 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $110.02, for a total transaction of $462,084.00. Following the completion of the sale, the senior vice president now owns 7,628 shares in the company, valued at approximately $839,232.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Timothy A. Leach sold 54,545 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the sale, the chairman now owns 680,041 shares of the company’s stock, valued at approximately $74,355,682.94. The disclosure for this sale can be found here. Insiders sold a total of 77,745 shares of company stock valued at $8,532,784 in the last 90 days. 1.10% of the stock is currently owned by corporate insiders.
CXO stock traded down $5.73 during trading on Wednesday, hitting $109.87. The company had a trading volume of 1,709,046 shares, compared to its average volume of 2,036,844. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.60. Concho Resources Inc has a 12 month low of $93.31 and a 12 month high of $160.81. The stock has a market capitalization of $23.19 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 0.87 and a beta of 1.11.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the firm earned $1.00 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, equities analysts expect that Concho Resources Inc will post 4.25 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend is Thursday, May 9th. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.
Concho Resources Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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