Metropolitan Life Insurance Co. NY reduced its position in Concho Resources Inc. (NYSE:CXO) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,124 shares of the oil and natural gas company’s stock after selling 114 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Concho Resources were worth $9,385,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Seven Eight Capital LP purchased a new stake in Concho Resources during the fourth quarter worth $106,000. Balentine LLC raised its position in shares of Concho Resources by 176.7% in the first quarter. Balentine LLC now owns 830 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 530 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Concho Resources during the first quarter worth approximately $174,000. Baird Financial Group Inc. bought a new position in shares of Concho Resources during the first quarter worth approximately $201,000. Finally, Boothbay Fund Management LLC raised its position in shares of Concho Resources by 4.3% in the fourth quarter. Boothbay Fund Management LLC now owns 1,525 shares of the oil and natural gas company’s stock valued at $202,000 after buying an additional 63 shares during the last quarter. 93.05% of the stock is currently owned by institutional investors.
Shares of Concho Resources Inc. (NYSE CXO) opened at 126.02 on Tuesday. Concho Resources Inc. has a 52 week low of $112.73 and a 52 week high of $147.55. The firm has a market cap of $18.54 billion, a PE ratio of 86.73 and a beta of 1.09. The company’s 50-day moving average is $124.42 and its 200-day moving average is $131.22.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.18. Concho Resources had a net margin of 10.60% and a return on equity of 2.44%. The company had revenue of $612 million during the quarter, compared to the consensus estimate of $607.71 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The company’s revenue for the quarter was up 115.5% compared to the same quarter last year. Analysts forecast that Concho Resources Inc. will post $1.59 EPS for the current fiscal year.
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Several equities analysts recently issued reports on the stock. Credit Suisse Group set a $158.00 price objective on shares of Concho Resources and gave the company a “buy” rating in a report on Saturday, May 6th. Royal Bank Of Canada set a $178.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Saturday, June 17th. Scotiabank set a $125.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Saturday, July 1st. Citigroup Inc. lowered their price objective on shares of Concho Resources from $168.00 to $166.00 and set a “buy” rating for the company in a research note on Thursday, July 13th. Finally, Bank of America Corporation downgraded shares of Concho Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $155.00 to $128.00 in a research note on Friday, June 30th. Eleven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Concho Resources currently has a consensus rating of “Buy” and an average target price of $155.30.
In related news, Director Lawrence J. Nagy sold 120,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $0.27, for a total value of $32,400.00. Insiders own 1.20% of the company’s stock.
About Concho Resources
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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.
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