Standard Life Aberdeen plc trimmed its stake in shares of Concho Resources Inc (NYSE:CXO) by 76.5% in the fourth quarter, HoldingsChannel reports. The firm owned 324,443 shares of the oil and natural gas company’s stock after selling 1,056,800 shares during the quarter. Standard Life Aberdeen plc’s holdings in Concho Resources were worth $48,752,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. increased its position in Concho Resources by 3,704.2% during the 4th quarter. OppenheimerFunds Inc. now owns 297,754 shares of the oil and natural gas company’s stock worth $44,729,000 after purchasing an additional 289,927 shares in the last quarter. Brown Advisory Inc. acquired a new position in Concho Resources during the 4th quarter worth approximately $439,000. Suntrust Banks Inc. increased its position in Concho Resources by 26.8% during the 4th quarter. Suntrust Banks Inc. now owns 11,287 shares of the oil and natural gas company’s stock worth $1,694,000 after purchasing an additional 2,385 shares in the last quarter. Timber Hill LLC acquired a new position in Concho Resources during the 4th quarter worth approximately $422,000. Finally, Norinchukin Bank The increased its position in Concho Resources by 7.4% during the 4th quarter. Norinchukin Bank The now owns 11,889 shares of the oil and natural gas company’s stock worth $1,786,000 after purchasing an additional 820 shares in the last quarter. Institutional investors and hedge funds own 95.03% of the company’s stock.
Shares of Concho Resources Inc (NYSE CXO) opened at $152.81 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.51 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. The company has a market cap of $22,237.95, a price-to-earnings ratio of 23.84, a PEG ratio of 0.99 and a beta of 1.00.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The company had revenue of $780.00 million for the quarter, compared to analyst estimates of $720.51 million. During the same period in the prior year, the firm posted $0.20 EPS. The company’s quarterly revenue was up 48.6% on a year-over-year basis. sell-side analysts anticipate that Concho Resources Inc will post 3.36 earnings per share for the current year.
In other news, VP E Joseph Wright sold 83,759 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.27, for a total value of $12,418,946.93. Following the sale, the vice president now directly owns 159,268 shares of the company’s stock, valued at approximately $23,614,666.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Timothy A. Leach sold 40,000 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the sale, the chairman now directly owns 737,837 shares in the company, valued at $109,303,173.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,759 shares of company stock worth $18,948,027. Insiders own 0.99% of the company’s stock.
A number of research firms recently issued reports on CXO. Credit Suisse Group set a $159.00 price objective on shares of Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Stifel Nicolaus set a $195.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Monday, January 29th. Jefferies Group set a $185.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Tuesday, January 30th. Morgan Stanley upped their price target on shares of Concho Resources from $155.00 to $183.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Finally, Deutsche Bank started coverage on shares of Concho Resources in a research report on Thursday, February 1st. They issued a “hold” rating and a $171.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $168.53.
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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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