Nissay Asset Management Corp Japan ADV increased its holdings in shares of Concho Resources Inc (NYSE:CXO) by 14.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 19,332 shares of the oil and natural gas company’s stock after purchasing an additional 2,389 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Concho Resources were worth $996,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. M&T Bank Corp lifted its holdings in shares of Concho Resources by 3.8% in the 1st quarter. M&T Bank Corp now owns 6,938 shares of the oil and natural gas company’s stock valued at $297,000 after buying an additional 253 shares during the period. DNB Asset Management AS raised its holdings in Concho Resources by 1.2% in the 2nd quarter. DNB Asset Management AS now owns 22,048 shares of the oil and natural gas company’s stock worth $1,135,000 after purchasing an additional 267 shares during the period. Gulf International Bank UK Ltd raised its holdings in Concho Resources by 0.7% in the 2nd quarter. Gulf International Bank UK Ltd now owns 46,174 shares of the oil and natural gas company’s stock worth $2,377,000 after purchasing an additional 313 shares during the period. Rockefeller Capital Management L.P. raised its holdings in Concho Resources by 15.9% in the 1st quarter. Rockefeller Capital Management L.P. now owns 2,404 shares of the oil and natural gas company’s stock worth $103,000 after purchasing an additional 330 shares during the period. Finally, Cigna Investments Inc. New raised its holdings in Concho Resources by 6.7% in the 1st quarter. Cigna Investments Inc. New now owns 5,608 shares of the oil and natural gas company’s stock worth $241,000 after purchasing an additional 350 shares during the period. Hedge funds and other institutional investors own 93.55% of the company’s stock.
A number of equities analysts recently weighed in on the company. Bank of America raised Concho Resources from a “neutral” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday, June 22nd. UBS Group boosted their price objective on Concho Resources from $74.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. KeyCorp cut their price objective on Concho Resources from $83.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Zacks Investment Research lowered Concho Resources from a “buy” rating to a “hold” rating and set a $59.00 price objective for the company. in a research note on Wednesday, May 27th. Finally, SunTrust Banks upgraded Concho Resources from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $60.00 to $66.00 in a research note on Tuesday, July 28th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $83.96.
Shares of Concho Resources stock opened at $52.54 on Friday. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of -1.07, a PEG ratio of 5.28 and a beta of 1.84. Concho Resources Inc has a fifty-two week low of $33.13 and a fifty-two week high of $99.42. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.14 and a current ratio of 1.80. The stock has a 50 day moving average of $52.68 and a 200 day moving average of $59.89.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.80. Concho Resources had a positive return on equity of 5.27% and a negative net margin of 256.19%. The company had revenue of $474.00 million during the quarter, compared to analyst estimates of $892.65 million. During the same period in the prior year, the business posted $0.69 earnings per share. The firm’s revenue for the quarter was down 57.9% compared to the same quarter last year. Analysts forecast that Concho Resources Inc will post 2.62 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, August 6th. Concho Resources’s dividend payout ratio (DPR) is 26.23%.
In other news, Director Steven L. Beal sold 19,500 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $61.66, for a total value of $1,202,370.00. Following the sale, the director now directly owns 51,492 shares in the company, valued at $3,174,996.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by company insiders.
Concho Resources Company Profile
Concho Resources, Inc engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
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