Jennison Associates LLC trimmed its holdings in shares of Concho Resources Inc (NYSE:CXO) by 11.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 964,787 shares of the oil and natural gas company’s stock after selling 129,483 shares during the period. Jennison Associates LLC owned about 0.48% of Concho Resources worth $99,547,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Mizuho Securities Co. Ltd. bought a new stake in Concho Resources during the second quarter worth approximately $41,000. NEXT Financial Group Inc purchased a new stake in shares of Concho Resources in the 2nd quarter valued at approximately $53,000. Icon Wealth Partners LLC purchased a new stake in shares of Concho Resources in the 1st quarter valued at approximately $57,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Concho Resources in the 1st quarter valued at approximately $76,000. Finally, Manchester Capital Management LLC purchased a new stake in shares of Concho Resources in the 1st quarter valued at approximately $80,000. Hedge funds and other institutional investors own 94.29% of the company’s stock.
In other news, Director Susan J. Helms bought 700 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $70.12 per share, for a total transaction of $49,084.00. Following the purchase, the director now owns 5,137 shares of the company’s stock, valued at approximately $360,206.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brenda R. Schroer bought 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $69.67 per share, for a total transaction of $104,505.00. Following the completion of the purchase, the chief financial officer now directly owns 35,137 shares in the company, valued at approximately $2,447,994.79. The disclosure for this purchase can be found here. Insiders purchased a total of 16,200 shares of company stock worth $1,084,349 over the last quarter. 1.10% of the stock is currently owned by company insiders.
Concho Resources (NYSE:CXO) last announced its quarterly earnings results on Wednesday, July 31st. The oil and natural gas company reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.05). Concho Resources had a return on equity of 4.12% and a net margin of 11.63%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the company earned $1.24 EPS. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities analysts predict that Concho Resources Inc will post 3.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 9th will be paid a $0.125 dividend. The ex-dividend date is Thursday, August 8th. This represents a $0.50 dividend on an annualized basis and a yield of 0.71%. Concho Resources’s payout ratio is presently 10.89%.
Several equities research analysts recently commented on the stock. Raymond James reduced their price target on shares of Concho Resources from $150.00 to $130.00 and set a “strong-buy” rating for the company in a research report on Friday, August 2nd. Bank of America reduced their price target on shares of Concho Resources from $145.00 to $136.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. Williams Capital restated a “buy” rating and issued a $114.00 price target on shares of Concho Resources in a research report on Thursday. Stifel Nicolaus set a $188.00 price target on shares of Concho Resources and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Credit Suisse Group reduced their price target on shares of Concho Resources from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $145.42.
About Concho Resources
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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