Xact Kapitalforvaltning AB boosted its position in shares of Concho Resources Inc (NYSE:CXO) by 15.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,215 shares of the oil and natural gas company’s stock after purchasing an additional 2,368 shares during the period. Xact Kapitalforvaltning AB’s holdings in Concho Resources were worth $2,588,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CXO. Private Advisor Group LLC raised its stake in Concho Resources by 25.6% during the fourth quarter. Private Advisor Group LLC now owns 2,739 shares of the oil and natural gas company’s stock worth $426,000 after purchasing an additional 559 shares during the period. American International Group Inc. raised its stake in Concho Resources by 18.6% during the fourth quarter. American International Group Inc. now owns 54,724 shares of the oil and natural gas company’s stock worth $8,221,000 after purchasing an additional 8,599 shares during the period. Suntrust Banks Inc. raised its stake in Concho Resources by 26.8% during the fourth quarter. Suntrust Banks Inc. now owns 11,287 shares of the oil and natural gas company’s stock worth $1,694,000 after purchasing an additional 2,385 shares during the period. Brown Advisory Inc. purchased a new position in Concho Resources during the fourth quarter worth about $439,000. Finally, OppenheimerFunds Inc. raised its stake in Concho Resources by 3,704.2% during the fourth quarter. OppenheimerFunds Inc. now owns 297,754 shares of the oil and natural gas company’s stock worth $44,729,000 after purchasing an additional 289,927 shares during the period. 97.10% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on CXO shares. Jefferies Financial Group set a $190.00 target price on shares of Concho Resources and gave the stock a “buy” rating in a research note on Tuesday, February 27th. UBS Group assumed coverage on shares of Concho Resources in a research report on Wednesday, March 7th. They set a “buy” rating and a $180.00 price target for the company. Stephens reiterated a “buy” rating and set a $205.00 price target on shares of Concho Resources in a research report on Thursday, March 15th. Stifel Nicolaus lifted their price target on shares of Concho Resources from $200.00 to $212.00 and gave the company a “buy” rating in a research report on Thursday, March 29th. Finally, Zacks Investment Research cut shares of Concho Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 9th. Nine analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Concho Resources currently has an average rating of “Buy” and a consensus price target of $173.36.
Concho Resources (NYSE:CXO) last released its earnings results on Tuesday, May 1st. The oil and natural gas company reported $1.00 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.19. Concho Resources had a net margin of 39.06% and a return on equity of 4.34%. The firm had revenue of $947.00 million during the quarter, compared to analyst estimates of $808.60 million. During the same period last year, the business earned $0.49 earnings per share. The business’s revenue was up 54.7% on a year-over-year basis. research analysts predict that Concho Resources Inc will post 4.41 EPS for the current year.
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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