Concho Resources Inc. (CXO) Shares Sold by Tortoise Capital Advisors L.L.C.
Tortoise Capital Advisors L.L.C. cut its position in shares of Concho Resources Inc. (NYSE:CXO) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 141,155 shares of the oil and natural gas company’s stock after selling 317 shares during the period. Tortoise Capital Advisors L.L.C.’s holdings in Concho Resources were worth $17,155,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CXO. Balentine LLC boosted its position in Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 530 shares in the last quarter. Exane Derivatives boosted its position in Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock worth $126,000 after buying an additional 739 shares in the last quarter. NN Investment Partners Holdings N.V. boosted its position in Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock worth $132,000 after buying an additional 200 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Concho Resources during the first quarter valued at $174,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Concho Resources during the first quarter valued at $201,000. 93.13% of the stock is owned by institutional investors and hedge funds.
Concho Resources Inc. (NYSE CXO) opened at 116.16 on Tuesday. The firm has a market capitalization of $17.28 billion, a price-to-earnings ratio of 26.81 and a beta of 1.09. Concho Resources Inc. has a one year low of $112.73 and a one year high of $147.55. The firm has a 50-day moving average price of $122.96 and a 200-day moving average price of $129.53.
Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The firm had revenue of $567 million for the quarter, compared to analyst estimates of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The business’s revenue was up 43.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 earnings per share. Analysts expect that Concho Resources Inc. will post $1.57 EPS for the current year.
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Several brokerages have weighed in on CXO. BidaskClub cut Concho Resources from a “buy” rating to a “hold” rating in a report on Saturday. Citigroup Inc. dropped their price objective on Concho Resources from $166.00 to $151.00 and set a “buy” rating for the company in a report on Friday, July 21st. Cowen and Company set a $145.00 price objective on Concho Resources and gave the stock a “hold” rating in a report on Tuesday, July 18th. Jefferies Group LLC set a $140.00 price objective on Concho Resources and gave the stock a “hold” rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research cut Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $154.05.
In other Concho Resources news, Director Lawrence J. Nagy sold 120,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $0.27, for a total value of $32,400.00. Insiders own 1.20% of the company’s stock.
About Concho Resources
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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