Envestnet Asset Management Inc. increased its stake in shares of Concho Resources Inc (NYSE:CXO) by 13.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,003 shares of the oil and natural gas company’s stock after acquiring an additional 1,670 shares during the period. Envestnet Asset Management Inc.’s holdings in Concho Resources were worth $1,937,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. First Allied Advisory Services Inc. bought a new position in shares of Concho Resources during the 1st quarter worth approximately $202,000. Piedmont Investment Advisors LLC bought a new position in shares of Concho Resources during the 2nd quarter worth approximately $242,000. Wedbush Securities Inc. bought a new position in shares of Concho Resources during the 2nd quarter worth approximately $261,000. Commonwealth Equity Services LLC lifted its position in shares of Concho Resources by 25.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,166 shares of the oil and natural gas company’s stock worth $300,000 after buying an additional 441 shares during the period. Finally, Atlas Capital Advisors LLC bought a new position in shares of Concho Resources during the 2nd quarter worth approximately $324,000. Institutional investors and hedge funds own 77.42% of the company’s stock.

Several research firms recently commented on CXO. Zacks Investment Research upgraded Concho Resources from a “hold” rating to a “strong-buy” rating and set a $143.00 target price for the company in a research report on Monday, June 25th. Susquehanna Bancshares assumed coverage on Concho Resources in a research report on Wednesday, July 11th. They set a “positive” rating and a $175.00 target price for the company. Piper Jaffray Companies reaffirmed a “buy” rating and set a $220.00 price target on shares of Concho Resources in a report on Friday, July 20th. Royal Bank of Canada reaffirmed a “buy” rating and set a $200.00 price target on shares of Concho Resources in a report on Friday, July 13th. Finally, TheStreet cut Concho Resources from a “b” rating to a “c+” rating in a report on Tuesday, August 14th. Ten equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $176.00.

In other news, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $139.86, for a total value of $559,440.00. Following the completion of the sale, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at approximately $2,264,752.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark B. Puckett bought 2,000 shares of the stock in a transaction dated Monday, August 6th. The stock was purchased at an average cost of $134.39 per share, with a total value of $268,780.00. Following the completion of the purchase, 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. Insiders sold a total of 17,500 shares of company stock valued at $2,376,320 over the last three months. Insiders own 1.10% of the company’s stock.

NYSE CXO opened at $141.11 on Monday. The firm has a market capitalization of $28.08 billion, a PE ratio of 41.85 and a beta of 1.00. Concho Resources Inc has a 52 week low of $121.23 and a 52 week high of $163.11. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24.

Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.32. The company had revenue of $945.00 million during the quarter, compared to analysts’ expectations of $906.82 million. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The business’s revenue for the quarter was up 66.7% on a year-over-year basis. During the same period last year, the firm earned $0.52 EPS. equities research analysts expect that Concho Resources Inc will post 4.59 EPS for the current year.

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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