Concho Resources Inc (CXO) Stake Increased by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System grew its position in Concho Resources Inc (NYSE:CXO) by 33.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,700 shares of the oil and natural gas company’s stock after buying an additional 2,900 shares during the period. Louisiana State Employees Retirement System’s holdings in Concho Resources were worth $1,787,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Concho Resources in the 2nd quarter valued at approximately $166,000. Cerebellum GP LLC purchased a new position in shares of Concho Resources in the 3rd quarter valued at approximately $188,000. Summit X LLC purchased a new position in shares of Concho Resources in the 2nd quarter valued at approximately $203,000. KC Investment Advisors LLC purchased a new position in shares of Concho Resources in the 2nd quarter valued at approximately $204,000. Finally, Cornerstone Wealth Management LLC purchased a new position in shares of Concho Resources in the 2nd quarter valued at approximately $232,000. Institutional investors and hedge funds own 77.44% of the company’s stock.

CXO opened at $152.98 on Wednesday. Concho Resources Inc has a 12-month low of $123.63 and a 12-month high of $163.11. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.24. The company has a market cap of $30.59 billion, a price-to-earnings ratio of 73.20 and a beta of 0.94.

Concho Resources (NYSE:CXO) last posted its quarterly earnings results on Wednesday, August 1st. The oil and natural gas company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.32. Concho Resources had a net margin of 34.13% and a return on equity of 5.37%. The company had revenue of $945.00 million during the quarter, compared to analyst estimates of $906.82 million. During the same period last year, the firm posted $0.52 EPS. Concho Resources’s revenue for the quarter was up 66.7% compared to the same quarter last year. Analysts expect that Concho Resources Inc will post 4.71 EPS for the current year.

CXO has been the subject of several research analyst reports. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Concho Resources in a research report on Friday, July 20th. Susquehanna Bancshares initiated coverage on shares of Concho Resources in a research report on Wednesday, July 11th. They issued a “positive” rating and a $175.00 price objective for the company. Williams Capital reaffirmed a “buy” rating and issued a $189.00 price objective on shares of Concho Resources in a research report on Monday, July 23rd. ValuEngine lowered shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Finally, Morgan Stanley reaffirmed a “hold” rating and issued a $178.00 price objective (up from $163.00) on shares of Concho Resources in a research report on Friday, October 12th. Seven equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $177.70.

In other news, Director Steven L. Beal sold 2,500 shares of Concho Resources stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $137.24, for a total transaction of $343,100.00. Following the completion of the transaction, the director now directly owns 75,548 shares of the company’s stock, valued at approximately $10,368,207.52. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Lee Price Moncrief sold 4,000 shares of Concho Resources stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $139.86, for a total transaction of $559,440.00. Following the transaction, the senior vice president now directly owns 16,193 shares of the company’s stock, valued at $2,264,752.98. The disclosure for this sale can be found here. Insiders have sold a total of 17,500 shares of company stock valued at $2,376,320 over the last three months. 1.10% of the stock is currently owned by insiders.

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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