American International Group Inc. increased its position in Concho Resources Inc. (NYSE:CXO) by 11.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,874 shares of the company’s stock after buying an additional 5,504 shares during the period. American International Group Inc.’s holdings in Concho Resources were worth $7,125,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of CXO. Carmignac Gestion bought a new position in Concho Resources during the second quarter worth approximately $209,179,000. Essex Investment Management Co. LLC raised its position in Concho Resources by 55.1% in the second quarter. Essex Investment Management Co. LLC now owns 30,756 shares of the company’s stock worth $3,668,000 after buying an additional 10,925 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in Concho Resources by 4.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 4,038 shares of the company’s stock worth $482,000 after buying an additional 179 shares in the last quarter. Artemis Investment Management LLP raised its position in Concho Resources by 31.1% in the second quarter. Artemis Investment Management LLP now owns 90,823 shares of the company’s stock worth $10,832,000 after buying an additional 21,528 shares in the last quarter. Finally, Conning Inc. bought a new position in Concho Resources during the second quarter worth approximately $284,000. 96.14% of the stock is currently owned by institutional investors.
Shares of Concho Resources Inc. (NYSE:CXO) traded up 0.11% on Wednesday, reaching $133.84. The company’s stock had a trading volume of 533,267 shares. The company’s market cap is $18.87 billion. The stock has a 50-day moving average of $137.64 and a 200 day moving average of $131.11. Concho Resources Inc. has a 52-week low of $69.94 and a 52-week high of $147.55.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.14. The firm had revenue of $430.55 million for the quarter, compared to analyst estimates of $69.10 million. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, equities research analysts forecast that Concho Resources Inc. will post $0.45 earnings per share for the current year.
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A number of research firms recently commented on CXO. Seaport Global Securities raised Concho Resources from an “accumulate” rating to a “buy” rating in a research note on Friday, December 9th. Zacks Investment Research raised Concho Resources from a “hold” rating to a “buy” rating and set a $158.00 price objective on the stock in a research note on Tuesday, December 13th. Wells Fargo & Company lowered Concho Resources from an “outperform” rating to a “market perform” rating in a research note on Friday, December 16th. Johnson Rice assumed coverage on Concho Resources in a research note on Tuesday, October 4th. They issued an “accumulate” rating on the stock. Finally, Canaccord Genuity reissued a “hold” rating and issued a $135.00 price target on shares of Concho Resources in a research note on Monday, November 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. Concho Resources currently has an average rating of “Buy” and a consensus target price of $143.00.
In other news, CEO Timothy A. Leach sold 46,150 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $135.28, for a total value of $6,243,172.00. Following the completion of the transaction, the chief executive officer now owns 656,263 shares in the company, valued at approximately $88,779,258.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brenda R. Schroer sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total value of $248,472.00. Following the completion of the transaction, the chief accounting officer now owns 8,060 shares of the company’s stock, valued at approximately $1,112,602.40. The disclosure for this sale can be found here. 1.20% of the stock is owned by 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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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