CI Investments Inc. increased its holdings in shares of Concho Resources Inc (NYSE:CXO) by 28,129.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 338,748 shares of the oil and natural gas company’s stock after purchasing an additional 337,548 shares during the period. CI Investments Inc. owned approximately 0.17% of Concho Resources worth $51,744,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Janney Montgomery Scott LLC acquired a new stake in shares of Concho Resources in the 2nd quarter valued at $330,000. Commonwealth Equity Services LLC raised its holdings in shares of Concho Resources by 25.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock valued at $300,000 after purchasing an additional 441 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Concho Resources by 20.7% in the 2nd quarter. Toronto Dominion Bank now owns 96,945 shares of the oil and natural gas company’s stock valued at $13,410,000 after purchasing an additional 16,613 shares in the last quarter. CIBC World Markets Inc. raised its holdings in shares of Concho Resources by 87.7% in the 2nd quarter. CIBC World Markets Inc. now owns 16,946 shares of the oil and natural gas company’s stock valued at $2,344,000 after purchasing an additional 7,916 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new stake in shares of Concho Resources in the 2nd quarter valued at $1,454,000. 94.27% of the stock is owned by institutional investors and hedge funds.
NYSE CXO opened at $109.78 on Tuesday. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $23.03 billion, a P/E ratio of 52.53, a P/E/G ratio of 0.80 and a beta of 1.03. Concho Resources Inc has a 12 month low of $109.18 and a 12 month high of $163.11.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. The company’s revenue was up 90.1% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. On average, research analysts forecast that Concho Resources Inc will post 4.99 EPS for the current fiscal year.
A number of equities research analysts have recently weighed in on CXO shares. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a report on Friday, September 28th. KLR Group restated a “buy” rating and issued a $175.00 price objective on shares of Concho Resources in a report on Monday, August 20th. Piper Jaffray Companies restated a “buy” rating and issued a $209.00 price objective on shares of Concho Resources in a report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Concho Resources from a “hold” rating to a “buy” rating and set a $169.00 price objective on the stock in a report on Tuesday, October 16th. Finally, Jefferies Financial Group set a $203.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Friday, October 5th. Eight research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $178.64.
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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