TD Asset Management Inc. Raises Stock Position in Concho Resources Inc (NYSE:CXO)

TD Asset Management Inc. boosted its holdings in Concho Resources Inc (NYSE:CXO) by 67.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 338,407 shares of the oil and natural gas company’s stock after buying an additional 136,508 shares during the period. TD Asset Management Inc. owned 0.17% of Concho Resources worth $34,917,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of Concho Resources by 7.7% during the fourth quarter. Geode Capital Management LLC now owns 2,548,154 shares of the oil and natural gas company’s stock valued at $261,459,000 after purchasing an additional 181,294 shares in the last quarter. American Century Companies Inc. grew its position in Concho Resources by 20.1% in the first quarter. American Century Companies Inc. now owns 2,465,573 shares of the oil and natural gas company’s stock worth $273,580,000 after acquiring an additional 412,726 shares in the last quarter. Northern Trust Corp grew its position in Concho Resources by 0.9% in the first quarter. Northern Trust Corp now owns 2,330,088 shares of the oil and natural gas company’s stock worth $258,546,000 after acquiring an additional 21,749 shares in the last quarter. FIL Ltd grew its position in Concho Resources by 11.8% in the first quarter. FIL Ltd now owns 1,716,909 shares of the oil and natural gas company’s stock worth $190,508,000 after acquiring an additional 181,581 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Concho Resources by 10.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 846,869 shares of the oil and natural gas company’s stock worth $93,969,000 after acquiring an additional 82,241 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Shares of Concho Resources stock traded up $1.63 on Friday, hitting $70.89. 54,618 shares of the company traded hands, compared to its average volume of 3,807,918. The stock’s 50 day moving average price is $91.54 and its 200-day moving average price is $104.62. 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 company has a market cap of $14.32 billion, a PE ratio of 15.46 and a beta of 1.15.

Concho Resources (NYSE:CXO) last posted 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 Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a net margin of 11.63% and a return on equity of 4.12%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the prior year, the firm posted $1.24 EPS. The business’s revenue was up 19.3% on a year-over-year basis. As a group, research analysts anticipate that Concho Resources Inc will post 3.3 EPS 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 paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Thursday, August 8th. Concho Resources’s dividend payout ratio is presently 10.89%.

In related news, Director Gary A. Merriman purchased 2,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $69.90 per share, with a total value of $139,800.00. Following the completion of the purchase, the director now owns 44,815 shares of the company’s stock, valued at approximately $3,132,568.50. 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 cost of $70.12 per share, with a total value of $49,084.00. Following the purchase, the director now directly owns 5,137 shares of the company’s stock, valued at approximately $360,206.44. The disclosure for this purchase can be found here. Insiders have bought 14,700 shares of company stock valued at $979,844 in the last ninety days. Insiders own 1.10% of the company’s stock.

CXO has been the subject of several recent research reports. Wells Fargo & Co dropped their price target on Concho Resources from $128.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday. Johnson Rice lowered Concho Resources from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. Credit Suisse Group dropped their price target on Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. Raymond James dropped their price target on Concho Resources from $150.00 to $130.00 and set a “strong-buy” rating for the company in a research report on Friday, August 2nd. Finally, TD Securities dropped their price target on Concho Resources from $115.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. Concho Resources currently has a consensus rating of “Buy” and an average price target of $148.24.

Concho Resources Company Profile

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

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