Comerica Bank Cuts Stake in Concho Resources Inc (CXO)

Comerica Bank lowered its stake in shares of Concho Resources Inc (NYSE:CXO) by 2.0% in the first quarter, HoldingsChannel reports. The firm owned 37,076 shares of the oil and natural gas company’s stock after selling 771 shares during the period. Comerica Bank’s holdings in Concho Resources were worth $3,994,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. National Pension Service increased its stake in shares of Concho Resources by 4.4% during the fourth quarter. National Pension Service now owns 174,394 shares of the oil and natural gas company’s stock worth $20,817,000 after purchasing an additional 7,334 shares in the last quarter. Perella Weinberg Partners Capital Management LP purchased a new stake in Concho Resources during the 4th quarter valued at about $28,109,000. Jackson Hole Capital Partners LLC purchased a new stake in Concho Resources during the 4th quarter valued at about $611,000. Boenning & Scattergood Inc. grew its stake in Concho Resources by 24.4% during the 4th quarter. Boenning & Scattergood Inc. now owns 7,376 shares of the oil and natural gas company’s stock valued at $758,000 after acquiring an additional 1,449 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in Concho Resources by 40.1% during the 4th quarter. Prudential Financial Inc. now owns 293,331 shares of the oil and natural gas company’s stock valued at $30,146,000 after acquiring an additional 84,000 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

NYSE:CXO opened at $112.90 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $22.87 billion, a price-to-earnings ratio of 26.40, a PEG ratio of 0.88 and a beta of 1.11. Concho Resources Inc has a 1-year low of $93.31 and a 1-year high of $160.81.

Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Equities analysts expect that Concho Resources Inc will post 4.25 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 10th will be issued a $0.125 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.50 annualized dividend and a yield of 0.44%. Concho Resources’s payout ratio is 10.89%.

CXO has been the subject of several research reports. Stephens raised shares of Concho Resources from an “equal” rating to an “overweight” rating in a research note on Tuesday, January 29th. Mizuho initiated coverage on shares of Concho Resources in a research note on Tuesday, January 29th. They set a “buy” rating and a $156.00 price objective for the company. Morgan Stanley set a $154.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research note on Tuesday, January 29th. ValuEngine cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Finally, Ifs Securities reaffirmed a “strong-buy” rating on shares of Concho Resources in a research note on Sunday, February 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Concho Resources has an average rating of “Buy” and an average target price of $165.32.

In other Concho Resources news, Director Steven D. Gray sold 7,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $120.00, for a total value of $840,000.00. Following the transaction, the director now directly owns 179,039 shares in the company, valued at approximately $21,484,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Timothy A. Leach sold 54,545 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $109.34, for a total transaction of $5,963,950.30. Following the completion of the transaction, the chairman now owns 680,041 shares in the company, valued at $74,355,682.94. The disclosure for this sale can be found here. Insiders sold a total of 77,745 shares of company stock worth $8,532,784 over the last quarter. 1.10% of the stock is currently owned by company insiders.

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

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