State Treasurer State of Michigan boosted its position in Concho Resources Inc (NYSE:CXO) by 0.9% during the first quarter, Holdings Channel reports. The institutional investor owned 57,832 shares of the oil and natural gas company’s stock after acquiring an additional 500 shares during the quarter. State Treasurer State of Michigan’s holdings in Concho Resources were worth $6,417,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently bought and sold shares of CXO. Covington Capital Management grew its position in Concho Resources by 86.6% in the 4th quarter. Covington Capital Management now owns 250 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 116 shares during the last quarter. First Hawaiian Bank grew its position in Concho Resources by 2,400.0% in the 1st quarter. First Hawaiian Bank now owns 250 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 240 shares during the last quarter. Ropes Wealth Advisors LLC acquired a new stake in shares of Concho Resources during the 4th quarter valued at about $28,000. PRW Wealth Management LLC acquired a new stake in shares of Concho Resources during the 4th quarter valued at about $37,000. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of Concho Resources during the 1st quarter valued at about $50,000. Institutional investors and hedge funds own 95.21% of the company’s stock.
In other news, SVP Scott Kidwell sold 4,200 shares of Concho Resources stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $110.02, for a total transaction of $462,084.00. Following the completion of the sale, the senior vice president now owns 7,628 shares in the company, valued at approximately $839,232.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gary A. Merriman purchased 2,000 shares of the stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average price of $111.51 per share, with a total value of $223,020.00. Following the transaction, the director now owns 19,727 shares in the company, valued at $2,199,757.77. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 77,745 shares of company stock valued at $8,532,784. 1.10% of the stock is owned by corporate insiders.
Shares of NYSE:CXO opened at $111.92 on Thursday. Concho Resources Inc has a one year low of $93.31 and a one year high of $160.81. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a market cap of $22.32 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 0.87 and a beta of 1.11.
Concho Resources (NYSE:CXO) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). Concho Resources had a return on equity of 4.92% and a net margin of 17.55%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned $1.00 EPS. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts forecast that Concho Resources Inc will post 4.23 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 10th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Thursday, May 9th. Concho Resources’s dividend payout ratio is 10.89%.
Several brokerages have recently weighed in on CXO. Barclays upgraded shares of Concho Resources from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $171.00 to $162.00 in a research report on Wednesday, January 16th. They noted that the move was a valuation call. KeyCorp lifted their target price on shares of Concho Resources from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. ValuEngine lowered shares of Concho Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. Ifs Securities reiterated a “strong-buy” rating on shares of Concho Resources in a research report on Sunday, February 3rd. Finally, Morgan Stanley set a $154.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research report on Tuesday, January 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. Concho Resources currently has a consensus rating of “Buy” and an average target price of $165.36.
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, 2018, its estimated proved reserves totaled 1.2 billion barrels of oil equivalent.
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