Sand Hill Global Advisors LLC Has $3.17 Million Position in Concho Resources Inc (CXO)

Sand Hill Global Advisors LLC increased its position in shares of Concho Resources Inc (NYSE:CXO) by 1,015.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,899 shares of the oil and natural gas company’s stock after acquiring an additional 20,847 shares during the period. Sand Hill Global Advisors LLC’s holdings in Concho Resources were worth $3,168,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. First Allied Advisory Services Inc. bought a new stake in Concho Resources during the 1st quarter worth approximately $202,000. Commerce Bank bought a new stake in Concho Resources during the 1st quarter worth approximately $205,000. Advisor Partners LLC bought a new stake in Concho Resources during the 1st quarter worth approximately $240,000. Dupont Capital Management Corp bought a new stake in Concho Resources during the 1st quarter worth approximately $262,000. Finally, Piedmont Investment Advisors LLC bought a new stake in Concho Resources during the 2nd quarter worth approximately $242,000. 77.42% of the stock is currently owned by institutional investors and hedge funds.

In other Concho Resources news, Director Mark B. Puckett acquired 2,000 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was bought at an average price of $134.39 per share, with a total value of $268,780.00. Following the purchase, the director now owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total transaction of $1,473,780.00. Following the completion of the sale, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

A number of analysts recently weighed in on CXO shares. ValuEngine raised shares of Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Credit Suisse Group upped their target price on shares of Concho Resources from $164.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, May 2nd. JPMorgan Chase & Co. set a $180.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a report on Tuesday, May 15th. Sanford C. Bernstein lowered shares of Concho Resources from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $180.00 to $130.00 in a report on Thursday, June 7th. Finally, Williams Capital started coverage on shares of Concho Resources in a report on Monday, June 18th. They set a “buy” rating and a $178.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $175.48.

Shares of NYSE:CXO opened at $137.99 on Monday. The firm has a market capitalization of $27.63 billion, a PE ratio of 66.02 and a beta of 0.95. Concho Resources Inc has a one year low of $106.73 and a one year high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.32. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The company had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 66.7% on a year-over-year basis. research analysts expect that Concho Resources Inc will post 4.41 EPS for the current fiscal year.

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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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

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