Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in shares of Concho Resources Inc (NYSE:CXO) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,700 shares of the oil and natural gas company’s stock after buying an additional 700 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Concho Resources were worth $6,184,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of CXO. Oppenheimer Asset Management Inc. increased its stake in Concho Resources by 19.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,348 shares of the oil and natural gas company’s stock valued at $353,000 after buying an additional 386 shares during the period. Baird Financial Group Inc. grew its stake in Concho Resources by 19.4% in the 2nd quarter. Baird Financial Group Inc. now owns 2,398 shares of the oil and natural gas company’s stock valued at $332,000 after acquiring an additional 390 shares during the last quarter. Kingfisher Capital LLC grew its stake in Concho Resources by 6.0% in the 1st quarter. Kingfisher Capital LLC now owns 6,940 shares of the oil and natural gas company’s stock valued at $1,043,000 after acquiring an additional 392 shares during the last quarter. Twin Capital Management Inc. grew its stake in Concho Resources by 0.9% in the 2nd quarter. Twin Capital Management Inc. now owns 47,460 shares of the oil and natural gas company’s stock valued at $6,566,000 after acquiring an additional 410 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its stake in Concho Resources by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 4,845 shares of the oil and natural gas company’s stock valued at $728,000 after acquiring an additional 414 shares during the last quarter. Institutional investors and hedge funds own 77.44% of the company’s stock.
In related news, Director Mark B. Puckett bought 2,000 shares of the business’s stock in a transaction on Monday, August 6th. The shares were bought at an average cost of $134.39 per share, for a total transaction of $268,780.00. Following the completion of the purchase, the director now owns 28,535 shares of the company’s stock, valued at approximately $3,834,818.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Erick Nelson sold 11,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the senior vice president now owns 51,058 shares in the company, valued at $6,840,750.84. The disclosure for this sale can be found here. Insiders have sold 17,500 shares of company stock worth $2,376,320 over the last 90 days. 1.10% of the stock is currently owned by company insiders.
Concho Resources (NYSE:CXO) last announced its quarterly earnings data on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.32. Concho Resources had a return on equity of 5.37% and a net margin of 34.13%. The firm had revenue of $945.00 million for the quarter, compared to analysts’ expectations of $906.82 million. During the same period last year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was up 66.7% on a year-over-year basis. On average, analysts anticipate that Concho Resources Inc will post 4.71 EPS for the current year.
A number of brokerages recently commented on CXO. Williams Capital assumed coverage on shares of Concho Resources in a research note on Monday, June 18th. They issued a “buy” rating and a $178.00 price objective on the stock. KLR Group restated a “buy” rating and issued a $175.00 target price on shares of Concho Resources in a report on Monday, August 20th. TheStreet upgraded shares of Concho Resources from a “c+” rating to a “b” rating in a report on Friday, September 28th. Barclays assumed coverage on shares of Concho Resources in a report on Wednesday, August 29th. They set an “equal weight” rating and a $156.00 price objective on the stock. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $200.00 price objective on shares of Concho Resources in a report on Friday, July 13th. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Concho Resources has an average rating of “Buy” and a consensus price target of $175.91.
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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