Concho Resources Inc (CXO) Position Raised by World Asset Management Inc

World Asset Management Inc boosted its stake in Concho Resources Inc (NYSE:CXO) by 35.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,939 shares of the oil and natural gas company’s stock after purchasing an additional 3,147 shares during the quarter. World Asset Management Inc’s holdings in Concho Resources were worth $1,824,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Concho Resources by 0.7% during the second quarter. BlackRock Inc. now owns 9,970,974 shares of the oil and natural gas company’s stock worth $1,379,481,000 after buying an additional 68,905 shares during the period. FMR LLC grew its stake in Concho Resources by 16.2% during the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock worth $662,804,000 after buying an additional 668,035 shares during the period. Artisan Partners Limited Partnership grew its stake in Concho Resources by 3.6% during the second quarter. Artisan Partners Limited Partnership now owns 1,956,336 shares of the oil and natural gas company’s stock worth $270,659,000 after buying an additional 68,178 shares during the period. Northern Trust Corp grew its stake in Concho Resources by 7.8% during the second quarter. Northern Trust Corp now owns 1,886,454 shares of the oil and natural gas company’s stock worth $260,990,000 after buying an additional 135,960 shares during the period. Finally, American Century Companies Inc. grew its stake in Concho Resources by 18.2% during the second quarter. American Century Companies Inc. now owns 1,675,988 shares of the oil and natural gas company’s stock worth $231,873,000 after buying an additional 258,371 shares during the period. Hedge funds and other institutional investors own 77.44% of the company’s stock.

CXO has been the subject of several research reports. Williams Capital initiated coverage on shares of Concho Resources in a research note on Monday, June 18th. They set a “buy” rating and a $178.00 price objective for the company. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 price objective for the company in a research note on Monday, June 25th. TD Securities initiated coverage on shares of Concho Resources in a research note on Thursday, July 5th. They set a “hold” rating and a $150.00 price objective for the company. SunTrust Banks decreased their price objective on shares of Concho Resources to $155.00 and set a “hold” rating for the company in a research note on Thursday, July 5th. Finally, Susquehanna Bancshares initiated coverage on shares of Concho Resources in a research note on Wednesday, July 11th. They issued a “positive” rating and a $175.00 target price for the company. Eight research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Concho Resources presently has an average rating of “Buy” and an average price target of $176.57.

Shares of CXO stock opened at $150.43 on Friday. The firm has a market capitalization of $30.59 billion, a PE ratio of 71.98 and a beta of 0.94. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a twelve month low of $123.63 and a twelve month high of $163.11.

Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.32. The business had revenue of $945.00 million during the quarter, compared to the consensus estimate of $906.82 million. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The business’s quarterly revenue was up 66.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, research analysts predict that Concho Resources Inc will post 4.71 EPS for the current year.

In related news, Director Steven L. Beal sold 2,500 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the sale, the director now directly owns 75,548 shares of the company’s stock, valued at $10,368,207.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark B. Puckett purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was bought at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the acquisition, the director now directly owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The disclosure for this purchase can be found here. Insiders sold 17,500 shares of company stock worth $2,376,320 over the last ninety days. 1.10% of the stock is currently owned by corporate insiders.

About Concho Resources

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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

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