Sumitomo Mitsui Trust Holdings Inc. Cuts Holdings in Concho Resources Inc (NYSE:CXO)

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Sumitomo Mitsui Trust Holdings Inc. decreased its position in Concho Resources Inc (NYSE:CXO) by 1.3% in the second quarter, Holdings Channel reports. The institutional investor owned 860,058 shares of the oil and natural gas company’s stock after selling 11,379 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Concho Resources were worth $44,293,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Concho Resources by 2.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 156,320 shares of the oil and natural gas company’s stock valued at $6,698,000 after buying an additional 3,256 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Concho Resources by 22.5% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 26,100 shares of the oil and natural gas company’s stock valued at $1,118,000 after buying an additional 4,800 shares in the last quarter. State Street Corp increased its stake in shares of Concho Resources by 9.9% during the first quarter. State Street Corp now owns 11,167,125 shares of the oil and natural gas company’s stock worth $478,511,000 after purchasing an additional 1,002,944 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Concho Resources by 18.7% during the first quarter. Bank of New York Mellon Corp now owns 2,273,445 shares of the oil and natural gas company’s stock worth $97,417,000 after purchasing an additional 357,377 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Concho Resources during the first quarter worth about $14,942,000. 93.55% of the stock is owned by institutional investors.

NYSE:CXO opened at $52.54 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.80 and a quick ratio of 2.14. The firm has a market capitalization of $10.33 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 5.28 and a beta of 1.84. The company’s 50-day moving average is $52.68 and its two-hundred day moving average is $59.89. Concho Resources Inc has a 1-year low of $33.13 and a 1-year high of $99.42.

Concho Resources (NYSE:CXO) last posted its earnings results on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.80. The company had revenue of $474.00 million for the quarter, compared to analyst estimates of $892.65 million. Concho Resources had a negative net margin of 256.19% and a positive return on equity of 5.27%. Concho Resources’s revenue was down 57.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 EPS. As a group, equities analysts anticipate that Concho Resources Inc will post 2.62 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Friday, August 7th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.52%. Concho Resources’s dividend payout ratio is currently 26.23%.

In other news, Director Steven L. Beal sold 19,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $61.66, for a total value of $1,202,370.00. Following the transaction, the director now directly owns 51,492 shares in the company, valued at approximately $3,174,996.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

A number of research firms have recently commented on CXO. KeyCorp cut their target price on shares of Concho Resources from $83.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Citigroup raised shares of Concho Resources from a “neutral” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Tuesday, May 5th. SunTrust Banks raised shares of Concho Resources from a “hold” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $66.00 in a research note on Tuesday, July 28th. UBS Group boosted their target price on shares of Concho Resources from $74.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, Wells Fargo & Co cut their target price on shares of Concho Resources from $70.00 to $69.00 and set an “overweight” rating for the company in a research note on Thursday, June 25th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $83.96.

Concho Resources Company Profile

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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Institutional Ownership by Quarter for Concho Resources (NYSE:CXO)

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