TD Asset Management Inc. Has $22.40 Million Position in Concho Resources Inc (CXO)
TD Asset Management Inc. increased its stake in Concho Resources Inc (NYSE:CXO) by 35.8% during the first quarter, HoldingsChannel reports. The firm owned 201,899 shares of the oil and natural gas company’s stock after acquiring an additional 53,279 shares during the period. TD Asset Management Inc.’s holdings in Concho Resources were worth $22,403,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Covington Capital Management boosted its position in Concho Resources by 86.6% during the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 116 shares during the period. Ropes Wealth Advisors LLC acquired a new stake in Concho Resources during the 4th quarter worth about $28,000. First Hawaiian Bank boosted its position in Concho Resources by 2,400.0% during the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 240 shares during the period. PRW Wealth Management LLC acquired a new stake in Concho Resources during the 4th quarter worth about $37,000. Finally, Massey Quick Simon & CO. LLC acquired a new stake in Concho Resources during the 4th quarter worth about $49,000. 92.00% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Gary A. Merriman bought 2,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, February 27th. The stock was purchased at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the acquisition, the director now owns 19,727 shares in the company, valued at $2,199,757.77. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Timothy A. Leach sold 54,545 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $109.34, for a total value of $5,963,950.30. Following the completion of the sale, the chairman now owns 680,041 shares of the company’s stock, valued at $74,355,682.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,745 shares of company stock valued at $8,532,784. Corporate insiders own 1.10% of the company’s stock.
Concho Resources (NYSE:CXO) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.73 by ($0.01). Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm posted $1.00 earnings per share. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts expect that Concho Resources Inc will post 4.25 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 10th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.50 annualized dividend and a yield of 0.49%. Concho Resources’s dividend payout ratio (DPR) is currently 10.89%.
A number of brokerages have commented on CXO. Morgan Stanley decreased their price objective on Concho Resources from $141.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, May 16th. Barclays raised their price objective on Concho Resources from $161.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 15th. KeyCorp raised their price objective on Concho Resources from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Monday, April 22nd. Williams Capital restated a “buy” rating and set a $182.00 price objective on shares of Concho Resources in a research report on Sunday, April 21st. Finally, Citigroup began coverage on Concho Resources in a research report on Tuesday, April 9th. They set a “buy” rating and a $112.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $165.32.
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Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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