Aviva PLC Raises Position in Concho Resources Inc. (CXO)
Aviva PLC boosted its stake in shares of Concho Resources Inc. (NYSE:CXO) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,336 shares of the oil and natural gas company’s stock after buying an additional 1,790 shares during the period. Aviva PLC owned approximately 0.06% of Concho Resources worth $11,225,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Concho Resources by 4.7% in the first quarter. Vanguard Group Inc. now owns 14,684,981 shares of the oil and natural gas company’s stock valued at $1,884,670,000 after buying an additional 653,569 shares during the period. Channing Capital Management LLC raised its position in Concho Resources by 5.5% in the second quarter. Channing Capital Management LLC now owns 91,773 shares of the oil and natural gas company’s stock worth $11,153,000 after buying an additional 4,798 shares during the last quarter. Creative Planning raised its position in Concho Resources by 104.0% in the second quarter. Creative Planning now owns 5,642 shares of the oil and natural gas company’s stock worth $686,000 after buying an additional 2,876 shares during the last quarter. Rothschild Capital Partners LLC bought a new position in Concho Resources during the second quarter worth approximately $778,000. Finally, DekaBank Deutsche Girozentrale raised its position in Concho Resources by 20.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 13,094 shares of the oil and natural gas company’s stock worth $1,728,000 after buying an additional 2,255 shares during the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.
Concho Resources Inc. (NYSE:CXO) opened at 109.44 on Friday. The stock has a 50 day moving average price of $120.36 and a 200 day moving average price of $126.45. The stock has a market cap of $16.15 billion, a P/E ratio of 25.40 and a beta of 1.09. Concho Resources Inc. has a 12-month low of $107.73 and a 12-month high of $147.55.
Concho Resources (NYSE:CXO) last issued its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. Concho Resources had a net margin of 29.32% and a return on equity of 2.76%. The business had revenue of $567 million during the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter in the prior year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 43.2% on a year-over-year basis. On average, analysts forecast that Concho Resources Inc. will post $1.63 earnings per share for the current fiscal year.
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A number of equities analysts have recently commented on the company. Barclays PLC cut their price target on Concho Resources from $125.00 to $124.00 and set an “overweight” rating for the company in a report on Tuesday, August 8th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $178.00 price target on shares of Concho Resources in a report on Friday, May 12th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $192.00 price target on shares of Concho Resources in a report on Friday, July 14th. Bank of America Corporation lowered Concho Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $155.00 to $128.00 in a report on Friday, June 30th. Finally, BidaskClub raised Concho Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Hold” and a consensus target price of $150.35.
In other news, VP E Joseph Wright sold 16,696 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $114.84, for a total value of $1,917,368.64. Following the completion of the transaction, the vice president now owns 132,388 shares in the company, valued at approximately $15,203,437.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.99% 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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