Toronto Dominion Bank reduced its stake in shares of Concho Resources Inc (NYSE:CXO) by 42.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,886 shares of the oil and natural gas company’s stock after selling 140,336 shares during the period. Toronto Dominion Bank owned 0.10% of Concho Resources worth $20,040,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of CXO. Mizuho Securities Co. Ltd. purchased a new stake in Concho Resources in the 2nd quarter valued at approximately $41,000. Crewe Advisors LLC bought a new position in Concho Resources in the 2nd quarter valued at about $51,000. NEXT Financial Group Inc bought a new position in Concho Resources in the 2nd quarter valued at about $53,000. Icon Wealth Partners LLC bought a new position in Concho Resources in the 1st quarter valued at about $57,000. Finally, Manchester Capital Management LLC bought a new position in Concho Resources in the 1st quarter valued at about $80,000. 95.46% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Brenda R. Schroer purchased 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $69.67 per share, for a total transaction of $104,505.00. Following the completion of the transaction, the chief financial officer now directly owns 35,137 shares in the company, valued at approximately $2,447,994.79. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan J. Helms purchased 700 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were bought at an average price of $70.12 per share, for a total transaction of $49,084.00. Following the completion of the transaction, the director now owns 5,137 shares of the company’s stock, valued at $360,206.44. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 16,200 shares of company stock worth $1,084,349. Company insiders own 1.10% of the company’s stock.
CXO has been the topic of a number of research analyst reports. Stifel Nicolaus set a $188.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research note on Friday, August 2nd. TD Securities dropped their price objective on shares of Concho Resources from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, September 4th. Susquehanna Bancshares dropped their price objective on shares of Concho Resources from $150.00 to $143.00 and set a “positive” rating on the stock in a report on Wednesday, June 19th. Mitsubishi UFJ Financial Group dropped their price objective on shares of Concho Resources from $121.00 to $116.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Finally, Credit Suisse Group dropped their price objective on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $141.65.
CXO stock traded up $0.36 during mid-day trading on Friday, hitting $72.75. The stock had a trading volume of 795,138 shares, compared to its average volume of 2,446,958. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a 52 week low of $63.92 and a 52 week high of $160.81. The firm has a market capitalization of $15.03 billion, a P/E ratio of 15.85 and a beta of 1.24. The firm has a fifty day simple moving average of $75.75 and a 200 day simple moving average of $98.75.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 earnings per share for the quarter, missing the Zacks’ 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 analysts’ expectations of $1.11 billion. During the same period last year, the firm posted $1.24 earnings per share. Concho Resources’s quarterly revenue was up 19.3% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 9th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Thursday, August 8th. Concho Resources’s dividend payout ratio is presently 10.89%.
About Concho Resources
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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