Concho Resources Inc (CXO) Position Increased by Sippican Capital Advisors

Sippican Capital Advisors boosted its holdings in shares of Concho Resources Inc (NYSE:CXO) by 65.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,623 shares of the oil and natural gas company’s stock after purchasing an additional 3,013 shares during the quarter. Sippican Capital Advisors’ holdings in Concho Resources were worth $846,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Concho Resources by 34.6% during the 3rd quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after acquiring an additional 5,380,400 shares during the period. Vanguard Group Inc raised its position in shares of Concho Resources by 34.6% in the 3rd quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after acquiring an additional 5,380,400 shares in the last quarter. Norges Bank acquired a new position in Concho Resources during the 4th quarter valued at about $166,890,000. JPMorgan Chase & Co. increased its position in Concho Resources by 38.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after buying an additional 1,377,981 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its position in Concho Resources by 83.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,798,938 shares of the oil and natural gas company’s stock valued at $274,788,000 after buying an additional 817,207 shares in the last quarter. 94.65% of the stock is currently owned by institutional investors.

A number of research analysts have recently weighed in on CXO shares. TheStreet raised Concho Resources from a “c” rating to a “b-” rating in a report on Tuesday, February 19th. Williams Capital reaffirmed a “buy” rating and issued a $182.00 price target on shares of Concho Resources in a report on Monday, February 11th. Morgan Stanley set a $154.00 target price on Concho Resources and gave the company a “buy” rating in a report on Tuesday, January 29th. Mizuho initiated coverage on Concho Resources in a research report on Tuesday, January 29th. They issued a “buy” rating and a $156.00 price target on the stock. Finally, Cowen set a $140.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $164.52.

NYSE CXO traded up $0.29 during trading on Wednesday, hitting $116.18. The company’s stock had a trading volume of 19,975 shares, compared to its average volume of 1,953,584. Concho Resources Inc has a fifty-two week low of $93.31 and a fifty-two week high of $163.11. The company has a market cap of $23.25 billion, a PE ratio of 25.28, a P/E/G ratio of 0.89 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.01 and a current ratio of 1.04.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.16). The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Concho Resources had a return on equity of 5.69% and a net margin of 55.07%. The company’s revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. On average, sell-side analysts predict that Concho Resources Inc will post 4.51 earnings per share for the current fiscal year.

The company also recently declared a special dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.125 dividend. The ex-dividend date was Thursday, February 28th. Concho Resources’s dividend payout ratio is presently 10.89%.

In other Concho Resources news, SVP Scott Kidwell sold 4,200 shares of the business’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $110.02, for a total transaction of $462,084.00. Following the transaction, the senior vice president now owns 7,628 shares of the company’s stock, valued at $839,232.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven L. Beal sold 7,500 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $99.90, for a total value of $749,250.00. Following the transaction, the director now directly owns 69,096 shares in the company, valued at approximately $6,902,690.40. The disclosure for this sale can be found here. Insiders have sold 16,200 shares of company stock worth $1,728,834 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

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Concho Resources Company Profile

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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