Concho Resources Inc. (CXO) Position Increased by Van ECK Associates Corp
Van ECK Associates Corp boosted its holdings in shares of Concho Resources Inc. (NYSE:CXO) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,251,112 shares of the oil and natural gas company’s stock after purchasing an additional 12,378 shares during the quarter. Van ECK Associates Corp owned about 0.84% of Concho Resources worth $152,048,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in CXO. Vanguard Group Inc. increased its stake in Concho Resources by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock worth $1,884,670,000 after acquiring an additional 653,569 shares during the last quarter. BlackRock Inc. increased its stake in Concho Resources by 2,780.2% in the 1st quarter. BlackRock Inc. now owns 9,649,921 shares of the oil and natural gas company’s stock worth $1,238,471,000 after acquiring an additional 9,314,878 shares during the last quarter. State Street Corp increased its stake in Concho Resources by 3.1% in the 1st quarter. State Street Corp now owns 7,872,546 shares of the oil and natural gas company’s stock worth $1,010,365,000 after acquiring an additional 236,182 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Concho Resources by 30.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,790,818 shares of the oil and natural gas company’s stock worth $825,288,000 after acquiring an additional 1,599,084 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Concho Resources by 3.6% in the 2nd quarter. Jennison Associates LLC now owns 6,038,410 shares of the oil and natural gas company’s stock worth $733,848,000 after acquiring an additional 211,679 shares during the last quarter. 92.36% of the stock is currently owned by institutional investors and hedge funds.
Concho Resources Inc. (NYSE CXO) traded down 0.23% during trading on Tuesday, reaching $122.77. The company had a trading volume of 306,505 shares. The firm has a market capitalization of $18.11 billion, a price-to-earnings ratio of 28.49 and a beta of 1.12. Concho Resources Inc. has a 52 week low of $106.73 and a 52 week high of $147.55. The company’s 50-day moving average is $115.17 and its 200 day moving average is $123.84.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results 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 return on equity of 2.76% and a net margin of 29.32%. The firm had revenue of $567.00 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was up 43.2% on a year-over-year basis. Equities analysts anticipate that Concho Resources Inc. will post $1.62 EPS for the current year.
In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $114.84, for a total transaction of $1,917,368.64. Following the completion of the sale, the vice president now owns 132,388 shares of the company’s stock, valued at $15,203,437.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.99% of the stock is currently owned by company insiders.
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CXO has been the topic of a number of research reports. Royal Bank Of Canada set a $158.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Thursday, August 24th. Citigroup Inc. reduced their price objective on Concho Resources from $168.00 to $166.00 and set a “buy” rating on the stock in a research note on Thursday, July 13th. ValuEngine raised Concho Resources from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Credit Suisse Group set a $164.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $146.76.
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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