Concho Resources Inc. (CXO) Stake Lessened by Bank of Nova Scotia
Bank of Nova Scotia trimmed its position in Concho Resources Inc. (NYSE:CXO) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,329 shares of the oil and natural gas company’s stock after selling 592 shares during the quarter. Bank of Nova Scotia’s holdings in Concho Resources were worth $4,050,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. 361 Capital LLC lifted its holdings in shares of Concho Resources by 221.6% in the second quarter. 361 Capital LLC now owns 52,838 shares of the oil and natural gas company’s stock worth $6,421,000 after buying an additional 36,406 shares in the last quarter. TVR Capital Management LP lifted its holdings in shares of Concho Resources by 450.3% in the second quarter. TVR Capital Management LP now owns 112,876 shares of the oil and natural gas company’s stock worth $13,718,000 after buying an additional 92,366 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Concho Resources by 145.2% in the second quarter. Tower Research Capital LLC TRC now owns 1,775 shares of the oil and natural gas company’s stock worth $216,000 after buying an additional 1,051 shares in the last quarter. C M Bidwell & Associates Ltd. lifted its holdings in shares of Concho Resources by 1.4% in the second quarter. C M Bidwell & Associates Ltd. now owns 1,495 shares of the oil and natural gas company’s stock worth $182,000 after buying an additional 20 shares in the last quarter. Finally, Caxton Associates LP purchased a new stake in shares of Concho Resources in the second quarter worth about $13,770,000. 92.35% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 132,388 shares of the company’s stock, valued at approximately $15,203,437.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.99% of the stock is owned by corporate insiders.
Concho Resources Inc. (NYSE:CXO) opened at 133.27 on Tuesday. The firm’s 50-day moving average is $124.40 and its 200-day moving average is $124.27. Concho Resources Inc. has a 12 month low of $106.73 and a 12 month high of $147.55. The company has a market capitalization of $19.66 billion, a PE ratio of 30.93 and a beta of 1.13.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.09. The business had revenue of $567.00 million for the quarter, compared to analysts’ expectations of $626.09 million. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 EPS. Equities analysts anticipate that Concho Resources Inc. will post $1.61 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Concho Resources from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Barclays PLC increased their price target on shares of Concho Resources from $124.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. BMO Capital Markets reissued a “buy” rating on shares of Concho Resources in a report on Friday, August 11th. Scotiabank set a $125.00 price target on shares of Concho Resources and gave the stock a “buy” rating in a report on Saturday, July 1st. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $158.00 price target on shares of Concho Resources in a report on Friday, September 29th. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $150.94.
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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