William Blair Investment Management LLC decreased its position in Concho Resources Inc (NYSE:CXO) by 26.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 540,092 shares of the oil and natural gas company’s stock after selling 197,936 shares during the period. William Blair Investment Management LLC owned approximately 0.36% of Concho Resources worth $81,133,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. boosted its stake in Concho Resources by 0.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 241,786 shares of the oil and natural gas company’s stock worth $31,851,000 after purchasing an additional 1,440 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Concho Resources by 11.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 361,781 shares of the oil and natural gas company’s stock worth $47,654,000 after purchasing an additional 36,662 shares in the last quarter. LMR Partners LLP bought a new position in Concho Resources in the 4th quarter worth about $1,032,000. Carmignac Gestion boosted its stake in Concho Resources by 7.6% in the 3rd quarter. Carmignac Gestion now owns 2,663,795 shares of the oil and natural gas company’s stock worth $350,875,000 after purchasing an additional 189,251 shares in the last quarter. Finally, Ashburton Jersey Ltd bought a new position in Concho Resources in the 3rd quarter worth about $2,011,000. Institutional investors own 95.70% of the company’s stock.
In other news, Director Ray M. Poage sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $150.87, for a total value of $603,480.00. Following the transaction, the director now owns 24,799 shares in the company, valued at approximately $3,741,425.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Timothy A. Leach sold 40,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the completion of the transaction, the chairman now owns 737,837 shares in the company, valued at approximately $109,303,173.18. The disclosure for this sale can be found here. Insiders sold a total of 127,759 shares of company stock worth $18,948,027 in the last quarter. Company insiders own 0.99% of the company’s stock.
Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.20. Concho Resources had a net margin of 36.97% and a return on equity of 3.61%. The firm had revenue of $780.00 million for the quarter, compared to analysts’ expectations of $720.51 million. During the same quarter in the prior year, the business earned $0.20 EPS. The business’s quarterly revenue was up 48.6% on a year-over-year basis. research analysts expect that Concho Resources Inc will post 3.79 earnings per share for the current fiscal year.
CXO has been the topic of several research analyst reports. Scotiabank set a $145.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Saturday, November 25th. Zacks Investment Research cut shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Credit Suisse Group initiated coverage on shares of Concho Resources in a research note on Monday, December 11th. They set a “neutral” rating and a $136.00 target price on the stock. Jefferies Group set a $173.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, Royal Bank of Canada set a $167.00 target price on shares of Concho Resources and gave the company a “buy” rating in a research note on Wednesday, December 20th. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Concho Resources currently has a consensus rating of “Buy” and an average price target of $170.90.
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Concho Resources Profile
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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