Stephens Inc. AR cut its stake in Concho Resources Inc (NYSE:CXO) by 4.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 23,285 shares of the oil and natural gas company’s stock after selling 1,000 shares during the quarter. Stephens Inc. AR’s holdings in Concho Resources were worth $2,584,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc boosted its position in Concho Resources by 34.6% in the 3rd quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after buying an additional 5,380,400 shares during the last quarter. BlackRock Inc. boosted its position in Concho Resources by 2.6% in the 4th quarter. BlackRock Inc. now owns 13,635,329 shares of the oil and natural gas company’s stock valued at $1,401,577,000 after buying an additional 349,182 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Concho Resources by 38.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock worth $757,752,000 after purchasing an additional 1,377,981 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Concho Resources by 7.7% in the 4th quarter. Geode Capital Management LLC now owns 2,548,154 shares of the oil and natural gas company’s stock worth $261,459,000 after purchasing an additional 181,294 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Concho Resources by 1.0% in the 4th quarter. Northern Trust Corp now owns 2,308,339 shares of the oil and natural gas company’s stock worth $237,274,000 after purchasing an additional 23,914 shares during the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently issued reports on CXO. Barclays upgraded Concho Resources from an “equal weight” rating to an “overweight” rating and reduced their price target for the stock from $171.00 to $162.00 in a research report on Wednesday, January 16th. They noted that the move was a valuation call. KeyCorp raised their price target on Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. ValuEngine lowered Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. Ifs Securities restated a “strong-buy” rating on shares of Concho Resources in a research report on Sunday, February 3rd. Finally, Morgan Stanley set a $154.00 price target on Concho Resources and gave the stock a “buy” rating in a research report on Tuesday, January 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $164.88.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the company posted $1.00 earnings per share. As a group, analysts predict that Concho Resources Inc will post 4.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.50 annualized dividend and a dividend yield of 0.45%. Concho Resources’s dividend payout ratio (DPR) is presently 10.89%.
In other news, SVP Scott Kidwell sold 4,200 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $110.02, for a total transaction of $462,084.00. Following the completion of the transaction, the senior vice president now directly owns 7,628 shares in the company, valued at $839,232.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gary A. Merriman purchased 2,000 shares of the stock in a transaction dated Wednesday, February 27th. The shares were bought at an average price of $111.51 per share, with a total value of $223,020.00. Following the completion of the acquisition, the director now directly owns 19,727 shares of the company’s stock, valued at approximately $2,199,757.77. The disclosure for this purchase can be found here. Insiders have sold 77,745 shares of company stock valued at $8,532,784 over the last quarter. Company insiders own 1.10% of the company’s stock.
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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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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