Concho Resources Inc. (CXO) Stake Lowered by Bessemer Group Inc.

Bessemer Group Inc. decreased its stake in shares of Concho Resources Inc. (NYSE:CXO) by 2.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,858 shares of the oil and natural gas company’s stock after selling 803 shares during the period. Bessemer Group Inc.’s holdings in Concho Resources were worth $3,750,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Macquarie Group Ltd. boosted its position in Concho Resources by 12.4% in the fourth quarter. Macquarie Group Ltd. now owns 12,380 shares of the oil and natural gas company’s stock valued at $1,641,000 after buying an additional 1,370 shares during the last quarter. Chevy Chase Trust Holdings Inc. boosted its position in Concho Resources by 4.7% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,726 shares of the oil and natural gas company’s stock valued at $16,393,000 after buying an additional 5,684 shares during the last quarter. Creative Planning boosted its position in Concho Resources by 57.0% in the first quarter. Creative Planning now owns 2,766 shares of the oil and natural gas company’s stock valued at $355,000 after buying an additional 1,004 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in Concho Resources by 5.1% in the first quarter. Gulf International Bank UK Ltd now owns 44,669 shares of the oil and natural gas company’s stock valued at $5,732,000 after buying an additional 2,175 shares during the last quarter. Finally, National Pension Service boosted its position in Concho Resources by 8.7% in the first quarter. National Pension Service now owns 130,696 shares of the oil and natural gas company’s stock valued at $16,692,000 after buying an additional 10,479 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Shares of Concho Resources Inc. (NYSE CXO) traded up 0.43% on Friday, reaching $108.52. 995,142 shares of the company traded hands. The firm’s 50 day moving average is $122.50 and its 200 day moving average is $127.78. The company has a market capitalization of $16.01 billion, a P/E ratio of 25.18 and a beta of 1.09. Concho Resources Inc. has a one year low of $107.84 and a one year high of $147.55.

Concho Resources (NYSE:CXO) last released its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.09. Concho Resources had a return on equity of 2.76% and a net margin of 29.32%. The firm had revenue of $567 million for the quarter, compared to analysts’ expectations of $626.09 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The business’s revenue for the quarter was up 43.2% on a year-over-year basis. Analysts expect that Concho Resources Inc. will post $1.61 earnings per share for the current fiscal year.

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Several equities analysts recently commented on CXO shares. Citigroup Inc. reiterated a “buy” rating and set a $173.00 target price (up from $172.00) on shares of Concho Resources in a research note on Saturday, April 22nd. Royal Bank Of Canada set a $171.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Tuesday, April 25th. Scotiabank set a $156.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Thursday, May 4th. Credit Suisse Group set a $158.00 price target on shares of Concho Resources and gave the company a “buy” rating in a report on Saturday, May 6th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $180.00 price target on shares of Concho Resources in a report on Monday, May 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $151.53.

In other Concho Resources news, VP E Joseph Wright sold 16,696 shares of Concho Resources stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $114.84, for a total value of $1,917,368.64. Following the transaction, the vice president now owns 132,388 shares in the company, valued at $15,203,437.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.20% of the company’s stock.

Concho Resources Company 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.

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

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