Bridges Investment Management Inc. acquired a new position in Concho Resources Inc (NYSE:CXO) in the third quarter, HoldingsChannel.com reports. The firm acquired 12,878 shares of the oil and natural gas company’s stock, valued at approximately $1,967,000.

A number of other institutional investors have also recently bought and sold shares of CXO. Johnson Financial Group Inc. acquired a new position in Concho Resources in the 3rd quarter worth approximately $161,000. Itau Unibanco Holding S.A. purchased a new stake in Concho Resources in the 2nd quarter worth approximately $166,000. Cerebellum GP LLC purchased a new stake in Concho Resources in the 3rd quarter worth approximately $188,000. Summit X LLC purchased a new stake in Concho Resources in the 2nd quarter worth approximately $203,000. Finally, KC Investment Advisors LLC purchased a new stake in Concho Resources in the 2nd quarter worth approximately $204,000. 94.27% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. set a $188.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research report on Monday, October 29th. Wells Fargo & Co assumed coverage on shares of Concho Resources in a research report on Wednesday, October 24th. They issued an “outperform” rating and a $209.00 target price for the company. KLR Group reiterated a “buy” rating and issued a $175.00 target price on shares of Concho Resources in a research report on Monday, August 20th. ValuEngine downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Thursday, November 8th. Finally, TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a research report on Friday, September 28th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Concho Resources has a consensus rating of “Buy” and a consensus price target of $178.64.

Concho Resources stock opened at $109.78 on Tuesday. The firm has a market cap of $23.03 billion, a PE ratio of 26.63, a price-to-earnings-growth ratio of 0.80 and a beta of 1.03. The company has a current ratio of 0.55, a quick ratio of 0.53 and a debt-to-equity ratio of 0.24. Concho Resources Inc has a 1-year low of $109.18 and a 1-year high of $163.11.

Concho Resources (NYSE:CXO) last released its quarterly earnings results on Tuesday, October 30th. The oil and natural gas company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.27. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Concho Resources had a net margin of 26.92% and a return on equity of 6.13%. Concho Resources’s revenue for the quarter was up 90.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. On average, research analysts expect that Concho Resources Inc will post 4.99 EPS for the current year.

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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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