Redwood Investments buys $21,577,772 stake in Concho Resources Inc (CXO)

Concho Resources Inc (CXO) : Redwood Investments scooped up 423 additional shares in Concho Resources Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 20, 2016. The investment management firm now holds a total of 188,848 shares of Concho Resources Inc which is valued at $21,577,772.Concho Resources Inc makes up approximately 2.12% of Redwood Investments’s portfolio.

Concho Resources Inc opened for trading at $112.3 and hit $114.75 on the upside on Friday, eventually ending the session at $114.26, with a gain of 2.01% or 2.25 points. The heightened volatility saw the trading volume jump to 11,24,275 shares. Company has a market cap of $14,780 M.

Other Hedge Funds, Including , Cornerstone Advisors boosted its stake in CXO in the latest quarter, The investment management firm added 59 additional shares and now holds a total of 68 shares of Concho Resources Inc which is valued at $7,770. Concho Resources Inc makes up approx 0.01% of Cornerstone Advisors’s portfolio. Hellman Jordan Management Co Inc sold out all of its stake in CXO during the most recent quarter. The investment firm sold 98,330 shares of CXO which is valued $11,235,186.Viking Fund Management boosted its stake in CXO in the latest quarter, The investment management firm added 1,000 additional shares and now holds a total of 150,000 shares of Concho Resources Inc which is valued at $15,697,500. Concho Resources Inc makes up approx 2.97% of Viking Fund Management’s portfolio.Central Trust Co reduced its stake in CXO by selling 825 shares or 8.21% in the most recent quarter. The Hedge Fund company now holds 9,225 shares of CXO which is valued at $965,396. Concho Resources Inc makes up approx 0.08% of Central Trust Co’s portfolio.Creative Planning boosted its stake in CXO in the latest quarter, The investment management firm added 604 additional shares and now holds a total of 1,100 shares of Concho Resources Inc which is valued at $115,181.

On the company’s financial health, Concho Resources Inc reported $-0.07 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Feb 24, 2016. Analyst had a consensus of $0.04. The company had revenue of $389.15 million for the quarter, compared to analysts expectations of $414.54 million. The company’s revenue was down -34.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.88 EPS.

Many Wall Street Analysts have commented on Concho Resources Inc. Canaccord Genuity Initiated Concho Resources Inc on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $95.Company shares were Reiterated by Barclays on Feb 29, 2016 to “Overweight”, Firm has raised the Price Target to $ 97 from a previous price target of $95 .Concho Resources Inc was Upgraded by Sun Trust Rbsn Humphrey to ” Buy” on Feb 1, 2016.

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 operating areas are located in the Permian Basin region of Southeast New Mexico and West Texas an onshore oil and natural gas basin in the United States. The Company’s three core operating areas include: New Mexico Shelf where the Company primarily targets the Yeso formation with horizontal and vertical development; Delaware Basin where it uses horizontal drilling and technology to target the Bone Spring formation (including the Avalon shale and the Bone Spring sands) and the Wolfcamp shale formation and Texas Permian in the Midland Basin where it targets the Wolfcamp and Spraberry formations with horizontal and vertical development.

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