Neuberger Berman Group LLC Has $63,820,000 Position in Concho Resources Inc. (CXO)
Neuberger Berman Group LLC cut its stake in shares of Concho Resources Inc. (NYSE:CXO) by 17.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 464,653 shares of the company’s stock after selling 100,252 shares during the period. Neuberger Berman Group LLC’s holdings in Concho Resources were worth $63,820,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Advisor Group Inc. purchased a new position in Concho Resources during the second quarter valued at about $102,000. University of Texas Investment Managment Co. purchased a new position in Concho Resources during the second quarter valued at about $110,000. Synovus Financial Corp purchased a new position in Concho Resources during the third quarter valued at about $139,000. Checchi Capital Advisers LLC boosted its position in Concho Resources by 1.7% in the second quarter. Checchi Capital Advisers LLC now owns 1,107 shares of the company’s stock valued at $132,000 after buying an additional 18 shares in the last quarter. Finally, Creative Planning boosted its position in Concho Resources by 23.5% in the second quarter. Creative Planning now owns 1,359 shares of the company’s stock valued at $162,000 after buying an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 96.32% of the company’s stock.
Shares of Concho Resources Inc. (NYSE:CXO) opened at 136.26 on Wednesday. The company has a 50-day moving average of $133.68 and a 200 day moving average of $127.49. The firm’s market cap is $19.21 billion. Concho Resources Inc. has a one year low of $69.94 and a one year high of $143.60.
Concho Resources (NYSE:CXO) last posted its quarterly earnings data on Tuesday, November 8th. The company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.14. Concho Resources had a negative net margin of 89.23% and a positive return on equity of 0.93%. The company earned $430.55 million during the quarter, compared to the consensus estimate of $69.10 million. During the same quarter in the prior year, the company posted $0.33 EPS. The company’s quarterly revenue was down 7.1% compared to the same quarter last year. On average, equities research analysts expect that Concho Resources Inc. will post $0.43 EPS for the current fiscal year.
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A number of research firms have weighed in on CXO. Zacks Investment Research cut shares of Concho Resources from a “buy” rating to a “hold” rating in a research report on Thursday, November 24th. Johnson Rice began coverage on shares of Concho Resources in a research report on Tuesday, October 4th. They set an “accumulate” rating for the company. Canaccord Genuity restated a “hold” rating and set a $135.00 price objective on shares of Concho Resources in a research report on Monday, November 21st. Jefferies Group set a $123.00 price objective on shares of Concho Resources and gave the stock a “hold” rating in a research report on Tuesday, October 18th. Finally, Morgan Stanley restated a “buy” rating and set a $187.00 price objective on shares of Concho Resources in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Concho Resources presently has a consensus rating of “Buy” and an average price target of $139.85.
In other news, CAO Brenda R. Schroer sold 1,800 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $138.04, for a total transaction of $248,472.00. Following the completion of the transaction, the chief accounting officer now owns 8,060 shares of the company’s stock, valued at approximately $1,112,602.40. The transaction was disclosed in a filing with the SEC, which is available at 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 operations are focused in the Permian Basin of Southeast New Mexico and West Texas, an onshore oil and natural gas basin in the United States.
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