Pioneer Investment Management Inc. purchased a new stake in Concho Resources Inc. (NYSE:CXO) during the second quarter, Holdings Channel reports. The institutional investor purchased 111,400 shares of the oil and natural gas company’s stock, valued at approximately $13,538,000.

A number of other hedge funds have also bought and sold shares of CXO. Vanguard Group Inc. increased its stake in Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock valued at $1,884,670,000 after buying an additional 653,569 shares in the last quarter. BlackRock Inc. increased its stake in Concho Resources by 2,780.2% in the first quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock valued at $1,238,471,000 after buying an additional 9,314,878 shares in the last quarter. State Street Corp increased its stake in Concho Resources by 3.1% in the first quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock valued at $1,010,365,000 after buying an additional 236,182 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Concho Resources by 1.2% in the first quarter. TIAA CREF Investment Management LLC now owns 3,889,540 shares of the oil and natural gas company’s stock valued at $499,184,000 after buying an additional 46,388 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Concho Resources by 1.8% in the first quarter. American Century Companies Inc. now owns 1,622,118 shares of the oil and natural gas company’s stock valued at $208,183,000 after buying an additional 28,520 shares in the last quarter. 93.13% of the stock is owned by institutional investors and hedge funds.

Concho Resources Inc. (NYSE CXO) opened at 115.41 on Friday. The company’s 50-day moving average is $123.20 and its 200-day moving average is $128.70. Concho Resources Inc. has a 12 month low of $112.73 and a 12 month high of $147.55. The company has a market cap of $17.03 billion, a P/E ratio of 26.78 and a beta of 1.09.

Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 EPS for the quarter, beating the 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 business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same period in the previous year, the business posted $0.26 EPS. The business’s quarterly revenue was up 43.2% compared to the same quarter last year. On average, equities research analysts expect that Concho Resources Inc. will post $1.60 EPS for the current fiscal year.

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A number of equities analysts have issued reports on the stock. Royal Bank Of Canada set a $178.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Saturday, June 17th. Credit Suisse Group set a $158.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a research report on Saturday, May 6th. Jefferies Group LLC set a $140.00 price objective on shares of Concho Resources and gave the company a “hold” rating in a research report on Wednesday, May 17th. Seaport Global Securities cut shares of Concho Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $163.00 to $100.00 in a research report on Wednesday, June 21st. Finally, Zacks Investment Research cut shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $152.79.

In related news, Director Lawrence J. Nagy sold 120,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were 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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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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