Janney Montgomery Scott LLC cut its stake in Concho Resources Inc. (NYSE:CXO) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,559 shares of the oil and natural gas company’s stock after selling 107 shares during the period. Janney Montgomery Scott LLC’s holdings in Concho Resources were worth $200,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in CXO. Seven Eight Capital LP purchased a new position in shares of Concho Resources during the fourth quarter worth $106,000. Elgethun Capital Management acquired a new stake in shares of Concho Resources during the fourth quarter worth $133,000. Intellectus Partners LLC acquired a new stake in shares of Concho Resources during the fourth quarter worth $133,000. Boothbay Fund Management LLC raised its stake in Concho Resources by 4.3% in the fourth quarter. Boothbay Fund Management LLC now owns 1,525 shares of the oil and natural gas company’s stock valued at $202,000 after buying an additional 63 shares in the last quarter. Finally, Wetherby Asset Management Inc. raised its stake in Concho Resources by 0.5% in the fourth quarter. Wetherby Asset Management Inc. now owns 1,706 shares of the oil and natural gas company’s stock valued at $226,000 after buying an additional 9 shares in the last quarter. 93.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Concho Resources Inc. (NYSE CXO) traded down 0.65% on Monday, hitting $116.23. The stock had a trading volume of 1,186,211 shares. The stock has a market cap of $17.10 billion, a PE ratio of 79.99 and a beta of 1.03. Concho Resources Inc. has a one year low of $114.33 and a one year high of $147.55. The company’s 50 day moving average is $127.49 and its 200 day moving average is $132.81.
Concho Resources (NYSE:CXO) last released its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.31 by $0.18. Concho Resources had a net margin of 10.60% and a return on equity of 2.44%. The business had revenue of $612 million for the quarter, compared to analyst estimates of $607.71 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The company’s quarterly revenue was up 115.5% on a year-over-year basis. Equities research analysts predict that Concho Resources Inc. will post $1.64 EPS for the current fiscal year.
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Several research analysts have recently weighed in on the company. Royal Bank Of Canada set a $178.00 price target on Concho Resources and gave the stock a “buy” rating in a research note on Saturday. KLR Group reiterated a “buy” rating and set a $189.00 price objective (up previously from $176.00) on shares of Concho Resources in a research report on Wednesday, February 22nd. Credit Suisse Group set a $158.00 price target on Concho Resources and gave the company a “buy” rating in a report on Saturday, May 6th. Scotiabank set a $156.00 price objective on Concho Resources and gave the stock a “buy” rating in a research note on Monday, March 27th. Finally, Jefferies Group LLC set a $140.00 target price on Concho Resources and gave the stock a “hold” rating in a research report on Wednesday, May 17th. Seven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $163.11.
In related news, Director Lawrence J. Nagy sold 120,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total transaction of $32,400.00. 1.20% of the stock is currently owned by company insiders.
Concho Resources Company Profile
Concho Resources Inc is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company’s four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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