Jennison Associates LLC Sells 398,215 Shares of Concho Resources Inc. (CXO)
Jennison Associates LLC cut its holdings in Concho Resources Inc. (NYSE:CXO) by 6.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,640,195 shares of the oil and natural gas company’s stock after selling 398,215 shares during the period. Jennison Associates LLC owned about 3.79% of Concho Resources worth $742,926,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Israel Discount Bank of New York raised its stake in Concho Resources by 32.0% in the second quarter. Israel Discount Bank of New York now owns 825 shares of the oil and natural gas company’s stock valued at $100,000 after buying an additional 200 shares in the last quarter. Exane Derivatives raised its stake in Concho Resources by 247.2% in the second quarter. Exane Derivatives now owns 1,038 shares of the oil and natural gas company’s stock valued at $126,000 after buying an additional 739 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in Concho Resources by 22.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,090 shares of the oil and natural gas company’s stock valued at $132,000 after buying an additional 200 shares in the last quarter. Sun Life Financial INC raised its stake in Concho Resources by 10,850.0% in the second quarter. Sun Life Financial INC now owns 1,095 shares of the oil and natural gas company’s stock valued at $133,000 after buying an additional 1,085 shares in the last quarter. Finally, Twin Tree Management LP acquired a new stake in Concho Resources in the second quarter valued at $137,000. Institutional investors own 92.34% of the company’s stock.
Shares of Concho Resources Inc. (NYSE:CXO) traded down $0.55 during trading hours on Friday, hitting $143.88. The stock had a trading volume of 204,723 shares, compared to its average volume of 1,292,928. The stock has a market cap of $21,569.84, a price-to-earnings ratio of 87.39 and a beta of 1.09. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.66 and a quick ratio of 0.66. Concho Resources Inc. has a fifty-two week low of $106.73 and a fifty-two week high of $147.77.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Tuesday, October 31st. The oil and natural gas company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.19. The business had revenue of $627.00 million for the quarter, compared to analyst estimates of $614.12 million. Concho Resources had a return on equity of 2.92% and a net margin of 24.19%. The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 EPS. sell-side analysts expect that Concho Resources Inc. will post 1.79 EPS for the current year.
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A number of analysts have weighed in on CXO shares. Jefferies Group LLC restated a “hold” rating and issued a $109.00 price target (down from $130.00) on shares of Concho Resources in a research note on Tuesday, August 29th. BidaskClub upgraded Concho Resources from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research cut Concho Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Stifel Nicolaus restated a “buy” rating and issued a $192.00 price target on shares of Concho Resources in a research note on Friday, July 14th. Finally, Citigroup Inc. cut their target price on Concho Resources from $166.00 to $151.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Concho Resources presently has an average rating of “Buy” and an average target price of $151.35.
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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