Systematic Financial Management LP lessened its stake in Concho Resources Inc (NYSE:CXO) by 14.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,350 shares of the oil and natural gas company’s stock after selling 1,843 shares during the period. Systematic Financial Management LP’s holdings in Concho Resources were worth $1,259,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Covington Capital Management boosted its position in shares of Concho Resources by 86.6% during the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 116 shares in the last quarter. Ropes Wealth Advisors LLC bought a new position in shares of Concho Resources during the 4th quarter valued at about $28,000. First Hawaiian Bank boosted its position in shares of Concho Resources by 2,400.0% during the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock valued at $28,000 after purchasing an additional 240 shares in the last quarter. PRW Wealth Management LLC bought a new position in shares of Concho Resources during the 4th quarter valued at about $37,000. Finally, Massey Quick Simon & CO. LLC bought a new position in shares of Concho Resources during the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 95.21% of the company’s stock.
In related news, Director Gary A. Merriman purchased 2,000 shares of the stock in a transaction on Wednesday, February 27th. The shares were bought at an average price of $111.51 per share, for a total transaction of $223,020.00. Following the completion of the acquisition, the director now directly owns 19,727 shares in the company, valued at approximately $2,199,757.77. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Timothy A. Leach sold 54,545 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $109.34, for a total value of $5,963,950.30. Following the transaction, the chairman now owns 680,041 shares in the company, valued at approximately $74,355,682.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,745 shares of company stock worth $8,532,784. Insiders own 1.10% of the company’s stock.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.06 billion. Concho Resources had a net margin of 17.55% and a return on equity of 4.92%. Concho Resources’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 EPS. Analysts predict that Concho Resources Inc will post 4.25 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.44%. The ex-dividend date is Thursday, May 9th. Concho Resources’s payout ratio is presently 10.89%.
CXO has been the subject of several recent analyst reports. Morgan Stanley decreased their target price on shares of Concho Resources from $141.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday. Barclays raised their target price on shares of Concho Resources from $161.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday. KeyCorp raised their target price on shares of Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Williams Capital reiterated a “buy” rating and issued a $182.00 target price on shares of Concho Resources in a report on Sunday, April 21st. Finally, Citigroup initiated coverage on shares of Concho Resources in a report on Tuesday, April 9th. They issued a “buy” rating and a $112.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $165.32.
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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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