SCP Investment LP purchased a new stake in shares of Concho Resources Inc (NYSE:CXO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 37,400 shares of the oil and natural gas company’s stock, valued at approximately $5,174,000. Concho Resources makes up 2.6% of SCP Investment LP’s investment portfolio, making the stock its 13th biggest position.

Other hedge funds have also made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in Concho Resources during the 2nd quarter valued at $166,000. First Allied Advisory Services Inc. bought a new stake in Concho Resources during the 1st quarter valued at $202,000. KC Investment Advisors LLC bought a new stake in Concho Resources during the 2nd quarter valued at $204,000. Cornerstone Wealth Management LLC bought a new stake in Concho Resources during the 2nd quarter valued at $232,000. Finally, Piedmont Investment Advisors LLC bought a new stake in Concho Resources during the 2nd quarter valued at $242,000. Institutional investors and hedge funds own 77.42% of the company’s stock.

NYSE CXO opened at $140.21 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market capitalization of $27.35 billion, a PE ratio of 67.09 and a beta of 1.00. Concho Resources Inc has a 1 year low of $115.49 and a 1 year high of $163.11.

Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.32. The company had revenue of $945.00 million for the quarter, compared to the consensus estimate of $906.82 million. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The firm’s quarterly revenue was up 66.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. analysts forecast that Concho Resources Inc will post 4.47 earnings per share for the current fiscal year.

CXO has been the subject of a number of recent research reports. Williams Capital initiated coverage on shares of Concho Resources in a research note on Monday, June 18th. They set a “buy” rating and a $178.00 price target for the company. Piper Jaffray Companies restated a “buy” rating and set a $220.00 price target on shares of Concho Resources in a research note on Friday, July 20th. Goldman Sachs Group upgraded shares of Concho Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 18th. ValuEngine upgraded shares of Concho Resources from a “hold” rating to a “buy” rating in a research note on Monday, July 16th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $200.00 target price on shares of Concho Resources in a research note on Friday, July 13th. Ten research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $176.00.

In related news, SVP Erick Nelson sold 11,000 shares of the business’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $133.98, for a total value of $1,473,780.00. Following the transaction, the senior vice president now directly owns 51,058 shares of the company’s stock, valued at approximately $6,840,750.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark B. Puckett purchased 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was bought at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the acquisition, the director now directly owns 28,535 shares in the company, valued at approximately $3,834,818.65. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by insiders.

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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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