Oppenheimer Asset Management Inc. cut its stake in shares of Concho Resources Inc (NYSE:CXO) by 70.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 902 shares of the oil and natural gas company’s stock after selling 2,185 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Concho Resources were worth $93,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Capital World Investors grew its stake in shares of Concho Resources by 18.6% during the 3rd quarter. Capital World Investors now owns 21,979,324 shares of the oil and natural gas company’s stock valued at $3,357,342,000 after acquiring an additional 3,450,629 shares during the period. Vanguard Group Inc. lifted its holdings in Concho Resources by 34.6% in the 3rd 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 lifted its holdings in Concho Resources by 34.6% in the 3rd 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. Capital Research Global Investors lifted its holdings in Concho Resources by 8.2% in the 3rd quarter. Capital Research Global Investors now owns 18,785,086 shares of the oil and natural gas company’s stock worth $2,869,422,000 after purchasing an additional 1,416,319 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Concho Resources by 33.2% in the 3rd quarter. BlackRock Inc. now owns 13,286,147 shares of the oil and natural gas company’s stock worth $2,029,458,000 after purchasing an additional 3,315,173 shares in the last quarter. Institutional investors own 91.10% of the company’s stock.
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CXO has been the topic of a number of research analyst reports. MKM Partners initiated coverage on Concho Resources in a report on Wednesday, December 5th. They issued a “buy” rating and a $176.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $196.00 price target on shares of Concho Resources in a report on Monday, December 17th. Raymond James set a $185.00 price target on Concho Resources and gave the stock a “buy cxo” rating in a report on Monday, December 24th. TheStreet cut Concho Resources from a “b-” rating to a “c+” rating in a report on Wednesday, November 14th. Finally, Morgan Stanley lowered their price target on Concho Resources from $178.00 to $169.00 and set a “hold” rating on the stock in a report on Monday, November 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Concho Resources currently has an average rating of “Buy” and a consensus price target of $174.84.
Shares of CXO opened at $121.00 on Wednesday. The company has a market cap of $24.62 billion, a PE ratio of 57.89, a PEG ratio of 0.84 and a beta of 1.26. Concho Resources Inc has a 1 year low of $93.31 and a 1 year high of $163.11. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.53 and a current ratio of 0.55.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data 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 firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Concho Resources had a return on equity of 6.13% and a net margin of 26.92%. The firm’s revenue was up 36.8% on a year-over-year basis. During the same period last year, the company earned $0.66 earnings per share. As a group, equities analysts forecast that Concho Resources Inc will post 4.79 EPS for the current fiscal year.
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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, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.
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