Pictet Asset Management Ltd. lowered its holdings in shares of Concho Resources Inc (NYSE:CXO) by 1.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,865 shares of the oil and natural gas company’s stock after selling 1,256 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Concho Resources were worth $7,209,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Delek Group Ltd. lifted its position in Concho Resources by 93.8% during the first quarter. Delek Group Ltd. now owns 144,592 shares of the oil and natural gas company’s stock worth $15,965,000 after buying an additional 70,000 shares in the last quarter. Penserra Capital Management LLC grew its stake in Concho Resources by 303.2% during the 1st quarter. Penserra Capital Management LLC now owns 1,387 shares of the oil and natural gas company’s stock worth $153,000 after purchasing an additional 1,043 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Concho Resources by 39.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 53,177 shares of the oil and natural gas company’s stock worth $5,487,000 after buying an additional 14,944 shares during the last quarter. Westpac Banking Corp lifted its holdings in Concho Resources by 28.6% during the 1st quarter. Westpac Banking Corp now owns 71,454 shares of the oil and natural gas company’s stock worth $7,929,000 after buying an additional 15,883 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Concho Resources by 98.9% during the 2nd quarter. Bank of Montreal Can now owns 94,322 shares of the oil and natural gas company’s stock worth $9,731,000 after buying an additional 46,899 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.
In related news, CFO Brenda R. Schroer purchased 1,500 shares of Concho Resources stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $69.67 per share, for a total transaction of $104,505.00. Following the completion of the acquisition, the chief financial officer now directly owns 35,137 shares of the company’s stock, valued at $2,447,994.79. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan J. Helms acquired 700 shares of Concho Resources stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $70.12 per share, with a total value of $49,084.00. Following the completion of the acquisition, the director now directly owns 5,137 shares in the company, valued at approximately $360,206.44. The disclosure for this purchase can be found here. Insiders purchased 16,200 shares of company stock valued at $1,084,349 in the last ninety days. 1.10% of the stock is currently owned by insiders.
CXO stock traded up $2.69 during mid-day trading on Monday, hitting $76.25. The stock had a trading volume of 2,456,758 shares, compared to its average volume of 2,420,312. The firm has a market capitalization of $14.56 billion, a P/E ratio of 16.61 and a beta of 1.24. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. The firm has a fifty day simple moving average of $75.14 and a 200 day simple moving average of $98.58. Concho Resources Inc has a 52 week low of $63.92 and a 52 week high of $160.81.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a return on equity of 4.12% and a net margin of 11.63%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company posted $1.24 earnings per share. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, equities analysts expect that Concho Resources Inc will post 3.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Thursday, August 8th. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.
Several equities analysts recently issued reports on CXO shares. MKM Partners dropped their price target on Concho Resources from $131.00 to $118.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Susquehanna Bancshares lowered their price target on Concho Resources from $150.00 to $143.00 and set a “positive” rating on the stock in a report on Wednesday, June 19th. Royal Bank of Canada reduced their target price on Concho Resources from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Wells Fargo & Co reduced their target price on Concho Resources from $128.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, August 12th. Finally, Bank of America reduced their price target on Concho Resources from $145.00 to $136.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Concho Resources presently has an average rating of “Buy” and an average price target of $141.65.
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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