Nissay Asset Management Corp Japan ADV raised its stake in Concho Resources Inc (NYSE:CXO) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,332 shares of the oil and natural gas company’s stock after acquiring an additional 2,389 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Concho Resources were worth $996,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CXO. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Concho Resources by 2.1% during 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 purchasing an additional 3,256 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Concho Resources by 22.5% during 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 purchasing an additional 4,800 shares in the last quarter. State Street Corp lifted its holdings 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 valued at $478,511,000 after purchasing an additional 1,002,944 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings 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 valued at $97,417,000 after purchasing an additional 357,377 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Concho Resources during the first quarter valued at $14,942,000. 93.55% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on the company. Zacks Investment Research downgraded Concho Resources from a “buy” rating to a “hold” rating and set a $59.00 price target on the stock. in a report on Wednesday, May 27th. Credit Suisse Group upped their price target on Concho Resources from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. Wells Fargo & Co lowered their target price on Concho Resources from $70.00 to $69.00 and set an “overweight” rating on the stock in a report on Thursday, June 25th. Mizuho downgraded Concho Resources from a “buy” rating to a “neutral” rating and increased their target price for the company from $68.00 to $69.00 in a report on Friday, June 19th. Finally, Citigroup raised Concho Resources from a “neutral” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Tuesday, May 5th. 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 company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $83.96.
Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, July 29th. The oil and natural gas company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.80. Concho Resources had a positive return on equity of 5.27% and a negative net margin of 256.19%. The firm had revenue of $474.00 million during the quarter, compared to analysts’ expectations of $892.65 million. During the same quarter last year, the business posted $0.69 earnings per share. The firm’s revenue was down 57.9% on a year-over-year basis. On average, research analysts predict that Concho Resources Inc will post 2.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.52%. The ex-dividend date is Thursday, August 6th. Concho Resources’s dividend payout ratio is presently 26.23%.
In other Concho Resources news, Director Steven L. Beal sold 19,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $61.66, for a total transaction of $1,202,370.00. Following the completion of the transaction, the director now owns 51,492 shares in the company, valued at approximately $3,174,996.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.10% of the company’s stock.
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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