TIAA CREF Investment Management LLC grew its stake in Concho Resources Inc. (NYSE:CXO) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,085,360 shares of the oil and natural gas company’s stock after acquiring an additional 195,820 shares during the period. TIAA CREF Investment Management LLC owned 2.75% of Concho Resources worth $496,494,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Israel Discount Bank of New York grew its holdings in shares of Concho Resources by 32.0% in the 2nd quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock valued at $100,000 after acquiring an additional 200 shares in the last quarter. Balentine LLC grew its holdings in shares of Concho Resources by 176.7% in the 1st quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock valued at $107,000 after acquiring an additional 530 shares in the last quarter. Exane Derivatives grew its holdings in shares of Concho Resources by 247.2% in the 2nd quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock valued at $126,000 after acquiring an additional 739 shares in the last quarter. NN Investment Partners Holdings N.V. grew its holdings in shares of Concho Resources by 22.5% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock valued at $132,000 after acquiring an additional 200 shares in the last quarter. Finally, Twin Tree Management LP bought a new position in shares of Concho Resources in the 2nd quarter valued at about $137,000. Institutional investors own 92.41% of the company’s stock.
A number of equities analysts recently commented on the company. BMO Capital Markets reiterated a “buy” rating and set a $180.00 price target on shares of Concho Resources in a report on Monday, May 15th. Piper Jaffray Companies reiterated an “overweight” rating and set a $172.00 price target (up previously from $171.00) on shares of Concho Resources in a report on Wednesday, May 17th. Jefferies Group LLC set a $140.00 price target on Concho Resources and gave the stock a “hold” rating in a report on Wednesday, May 17th. Credit Suisse Group set a $164.00 price target on Concho Resources and gave the stock a “buy” rating in a report on Friday, June 2nd. Finally, ValuEngine upgraded Concho Resources from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. Concho Resources has a consensus rating of “Hold” and a consensus target price of $148.53.
Concho Resources Inc. (NYSE CXO) traded up 2.34% during midday trading on Tuesday, hitting $116.83. 408,598 shares of the stock were exchanged. The firm’s 50-day moving average price is $116.72 and its 200 day moving average price is $124.37. Concho Resources Inc. has a 1-year low of $106.73 and a 1-year high of $147.55. The firm has a market capitalization of $17.24 billion, a P/E ratio of 27.11 and a beta of 1.12.
Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The firm had revenue of $567.00 million during the quarter, compared to the consensus estimate of $626.09 million. During the same period in the prior year, the firm earned $0.26 EPS. The company’s revenue was up 43.2% compared to the same quarter last year. Analysts expect that Concho Resources Inc. will post $1.62 earnings per share for the current fiscal year.
In other news, VP E Joseph Wright sold 16,696 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the transaction, the vice president now directly owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.99% of the stock is owned by corporate insiders.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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