Exxonmobil Investment Management Inc. TX boosted its stake in shares of Concho Resources Inc. (NYSE:CXO) by 7.6% during the third quarter, Holdings Channel reports. The institutional investor owned 36,293 shares of the company’s stock after buying an additional 2,552 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Concho Resources were worth $4,985,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Carmignac Gestion purchased a new position in Concho Resources during the second quarter valued at $209,179,000. Capital Research Global Investors increased its stake in shares of Concho Resources by 10.8% in the second quarter. Capital Research Global Investors now owns 14,270,430 shares of the company’s stock valued at $1,702,034,000 after buying an additional 1,388,475 shares during the last quarter. FMR LLC increased its stake in shares of Concho Resources by 36.9% in the second quarter. FMR LLC now owns 2,783,582 shares of the company’s stock valued at $331,998,000 after buying an additional 750,191 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Concho Resources by 17.8% in the second quarter. JPMorgan Chase & Co. now owns 3,582,904 shares of the company’s stock valued at $427,335,000 after buying an additional 540,313 shares during the last quarter. Finally, Passport Capital LLC bought a new stake in shares of Concho Resources during the second quarter valued at approximately $52,241,000. 92.22% of the stock is currently owned by institutional investors and hedge funds.
Concho Resources Inc. (NYSE:CXO) traded down 2.98% during mid-day trading on Friday, hitting $134.26. The stock had a trading volume of 689,689 shares. The stock has a 50 day moving average of $133.97 and a 200-day moving average of $127.25. The firm’s market cap is $18.93 billion. Concho Resources Inc. has a 1-year low of $69.94 and a 1-year high of $143.60.
Concho Resources (NYSE:CXO) last issued its earnings results on Tuesday, November 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.14. Concho Resources had a positive return on equity of 0.93% and a negative net margin of 89.23%. The business earned $430.55 million during the quarter, compared to analysts’ expectations of $69.10 million. During the same period in the prior year, the firm posted $0.33 EPS. Concho Resources’s quarterly revenue was down 7.1% compared to the same quarter last year. Analysts predict that Concho Resources Inc. will post $0.43 EPS for the current fiscal year.
Several equities research analysts recently commented on the company. Zacks Investment Research downgraded Concho Resources from a “buy” rating to a “hold” rating in a report on Monday, August 15th. Canaccord Genuity reiterated a “hold” rating and set a $120.00 target price (up from $104.00) on shares of Concho Resources in a report on Thursday, August 18th. SunTrust Banks Inc. raised their target price on Concho Resources from $140.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, August 4th. BMO Capital Markets reiterated a “buy” rating and set a $130.00 target price on shares of Concho Resources in a report on Wednesday, August 3rd. Finally, KLR Group raised their target price on Concho Resources from $138.00 to $153.00 and gave the company an “accumulate” rating in a report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $139.85.
In other news, CAO Brenda R. Schroer sold 1,800 shares of the stock in a transaction that occurred on Wednesday, November 23rd. The stock was 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 directly owns 8,060 shares of the company’s stock, valued at approximately $1,112,602.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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.