Valeo Financial Advisors LLC bought a new stake in shares of Concho Resources Inc (NYSE:CXO) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 454 shares of the oil and natural gas company’s stock, valued at approximately $50,000.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Concho Resources by 34.6% in the third quarter. Vanguard Group Inc. now owns 20,946,532 shares of the oil and natural gas company’s stock worth $3,199,583,000 after purchasing an additional 5,380,400 shares in the last quarter. Vanguard Group Inc raised its holdings in shares of Concho Resources by 34.6% during the third quarter. Vanguard Group Inc now owns 20,946,532 shares of the oil and natural gas company’s stock valued at $3,199,583,000 after buying an additional 5,380,400 shares during the last quarter. Norges Bank bought a new stake in shares of Concho Resources during the fourth quarter valued at approximately $166,890,000. JPMorgan Chase & Co. raised its holdings in shares of Concho Resources by 38.5% during the third quarter. JPMorgan Chase & Co. now owns 4,960,732 shares of the oil and natural gas company’s stock valued at $757,752,000 after buying an additional 1,377,981 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in shares of Concho Resources by 83.2% during the third quarter. Neuberger Berman Group LLC now owns 1,798,938 shares of the oil and natural gas company’s stock valued at $274,788,000 after buying an additional 817,207 shares during the last quarter. Institutional investors own 94.65% of the company’s stock.
In other news, Director Gary A. Merriman acquired 2,000 shares of the stock in a transaction on Wednesday, February 27th. The shares were purchased at an average cost of $111.51 per share, for a total transaction of $223,020.00. Following the transaction, the director now owns 19,727 shares in the company, valued at approximately $2,199,757.77. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven D. Gray sold 4,500 shares of Concho Resources stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $115.00, for a total transaction of $517,500.00. Following the transaction, the director now owns 186,039 shares in the company, valued at $21,394,485. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,200 shares of company stock worth $1,728,834. 1.10% of the stock is currently owned by company insiders.
Concho Resources stock opened at $115.89 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $23.16 billion, a price-to-earnings ratio of 25.25, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11. Concho Resources Inc has a 1 year low of $93.31 and a 1 year high of $163.11.
Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Tuesday, February 19th. The oil and natural gas company reported $0.94 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.10 by ($0.16). The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.16 billion. Concho Resources had a return on equity of 5.69% and a net margin of 55.07%. The company’s quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.66 EPS. Sell-side analysts predict that Concho Resources Inc will post 4.51 earnings per share for the current year.
The firm also recently declared a special dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.125 dividend. The ex-dividend date was Thursday, February 28th. Concho Resources’s dividend payout ratio (DPR) is 10.89%.
A number of research firms have recently weighed in on CXO. Morgan Stanley cut their price target on Concho Resources from $154.00 to $135.00 and set an “overweight” rating on the stock in a report on Thursday, February 21st. TD Securities cut their price target on Concho Resources from $130.00 to $120.00 and set a “hold” rating on the stock in a report on Friday, February 22nd. Raymond James set a $185.00 price target on Concho Resources and gave the company a “buy” rating in a report on Sunday, December 30th. Wells Fargo & Co cut their price target on Concho Resources from $174.00 to $151.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. They noted that the move was a valuation call. Finally, Cowen set a $140.00 price target on Concho Resources and gave the company a “buy” rating in a report on Tuesday, February 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Concho Resources presently has an average rating of “Buy” and an average price target of $164.52.
Concho Resources 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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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