Summit Trail Advisors LLC lowered its stake in shares of Concho Resources Inc (NYSE:CXO) by 93.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,781 shares of the oil and natural gas company’s stock after selling 42,093 shares during the quarter. Summit Trail Advisors LLC’s holdings in Concho Resources were worth $385,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. FMR LLC increased its holdings in Concho Resources by 16.2% in the second quarter. FMR LLC now owns 4,790,784 shares of the oil and natural gas company’s stock valued at $662,804,000 after buying an additional 668,035 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Concho Resources in the first quarter valued at $84,087,000. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Concho Resources by 16,439.1% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 393,299 shares of the oil and natural gas company’s stock valued at $54,413,000 after buying an additional 390,921 shares during the last quarter. Strs Ohio increased its holdings in Concho Resources by 2,550.7% in the second quarter. Strs Ohio now owns 292,905 shares of the oil and natural gas company’s stock valued at $40,523,000 after buying an additional 281,855 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Concho Resources by 18.2% in the second quarter. American Century Companies Inc. now owns 1,675,988 shares of the oil and natural gas company’s stock valued at $231,873,000 after buying an additional 258,371 shares during the last quarter. 77.42% of the stock is currently owned by institutional investors and hedge funds.

Shares of CXO traded down $0.72 during mid-day trading on Friday, hitting $141.11. 1,593,254 shares of the company’s stock were exchanged, compared to its average volume of 1,463,846. Concho Resources Inc has a fifty-two week low of $121.23 and a fifty-two week high of $163.11. The company has a market capitalization of $28.08 billion, a price-to-earnings ratio of 67.52 and a beta of 1.00. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.75 and a current ratio of 0.76.

Concho Resources (NYSE:CXO) last announced its earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.32. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The business had revenue of $945.00 million during the quarter, compared to the consensus estimate of $906.82 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 66.7% compared to the same quarter last year. equities research analysts forecast that Concho Resources Inc will post 4.59 EPS for the current year.

Several equities analysts recently commented on the company. Williams Capital assumed coverage on Concho Resources in a report on Monday, June 18th. They issued a “buy” rating and a $178.00 target price on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $208.00 target price on shares of Concho Resources in a report on Thursday, August 30th. Susquehanna Bancshares assumed coverage on Concho Resources in a report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 target price on the stock. Zacks Investment Research lowered Concho Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Finally, Morgan Stanley set a $155.00 target price on Concho Resources and gave the company a “hold” rating in a report on Thursday, August 16th. Ten analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $176.00.

In related news, Director Steven L. Beal sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total value of $343,100.00. Following the completion of the sale, the director now owns 75,548 shares in the company, valued at $10,368,207.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mark B. Puckett acquired 2,000 shares of Concho Resources stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average price of $134.39 per share, with a total value of $268,780.00. Following the transaction, the director now owns 28,535 shares of the company’s stock, valued at $3,834,818.65. The disclosure for this purchase can be found here. Insiders have sold 17,500 shares of company stock valued at $2,376,320 in the last quarter. Insiders own 1.10% of the company’s stock.

Concho Resources Company Profile

Concho Resources Inc, an independent oil and natural gas company, engages in the acquisition, development, and exploration of oil and natural gas properties in the United States. The company's principal operating areas are located in the Permian Basin of southeast New Mexico and west Texas. As of December 31, 2017, its total estimated proved reserves were 840 million barrels of oil equivalent.

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

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