State of Wisconsin Investment Board cut its position in shares of Concho Resources Inc (NYSE:CXO) by 1.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 258,178 shares of the oil and natural gas company’s stock after selling 4,590 shares during the quarter. State of Wisconsin Investment Board’s holdings in Concho Resources were worth $38,783,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in CXO. Meeder Asset Management Inc. lifted its holdings in Concho Resources by 325.2% during the fourth quarter. Meeder Asset Management Inc. now owns 910 shares of the oil and natural gas company’s stock valued at $137,000 after purchasing an additional 696 shares in the last quarter. ING Groep NV purchased a new position in Concho Resources during the fourth quarter valued at $201,000. Commonwealth Equity Services Inc purchased a new position in Concho Resources during the third quarter valued at $206,000. Park Avenue Securities LLC purchased a new position in Concho Resources during the fourth quarter valued at $208,000. Finally, Greylin Investment Mangement Inc. purchased a new position in Concho Resources during the fourth quarter valued at $225,000. 94.57% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Ray M. Poage sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total transaction of $603,480.00. Following the completion of the sale, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP E Joseph Wright sold 83,759 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $148.27, for a total transaction of $12,418,946.93. Following the sale, the vice president now owns 159,268 shares of the company’s stock, valued at $23,614,666.36. The disclosure for this sale can be found here. Insiders sold 127,759 shares of company stock valued at $18,948,027 over the last quarter. Company insiders own 0.99% of the company’s stock.
Several research firms have issued reports on CXO. Credit Suisse Group set a $159.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Monday, January 29th. Jefferies Group set a $185.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, January 30th. Morgan Stanley increased their price objective on shares of Concho Resources from $155.00 to $183.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Finally, Deutsche Bank began coverage on shares of Concho Resources in a report on Thursday, February 1st. They set a “hold” rating and a $171.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Concho Resources presently has a consensus rating of “Buy” and a consensus price target of $168.55.
Shares of Concho Resources Inc (CXO) opened at $146.52 on Friday. The company has a market cap of $21,786.94, a PE ratio of 38.97 and a beta of 1.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. Concho Resources Inc has a 12-month low of $106.73 and a 12-month high of $162.91.
Concho Resources Company Profile
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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