Alken Asset Management Ltd. Lowers stake in Concho Resources Inc (CXO)

Concho Resources Inc (CXO) : Alken Asset Management Ltd. reduced its stake in Concho Resources Inc by 4.86% during the most recent quarter end. The investment management company now holds a total of 636,642 shares of Concho Resources Inc which is valued at $73.7 Million after selling 32,498 shares in Concho Resources Inc , the firm said in a disclosure report filed with the SEC on May 11, 2016.Concho Resources Inc makes up approximately 7.35% of Alken Asset Management Ltd.’s portfolio.

Other Hedge Funds, Including , Bessemer Group Inc added CXO to its portfolio by purchasing 10 company shares during the most recent quarter which is valued at $1,158.Blackrock Fund Advisors boosted its stake in CXO in the latest quarter, The investment management firm added 767,642 additional shares and now holds a total of 2,286,677 shares of Concho Resources Inc which is valued at $264.9 Million. Concho Resources Inc makes up approx 0.06% of Blackrock Fund Advisors’s portfolio.New York State Common Retirement Fund reduced its stake in CXO by selling 3,500 shares or 1.0% in the most recent quarter. The Hedge Fund company now holds 346,226 shares of CXO which is valued at $39.7 Million. Concho Resources Inc makes up approx 0.06% of New York State Common Retirement Fund’s portfolio.California Public Employees Retirement System boosted its stake in CXO in the latest quarter, The investment management firm added 14,700 additional shares and now holds a total of 287,300 shares of Concho Resources Inc which is valued at $32.9 Million. Concho Resources Inc makes up approx 0.05% of California Public Employees Retirement System’s portfolio.Retirement Systems Of Alabama boosted its stake in CXO in the latest quarter, The investment management firm added 66,590 additional shares and now holds a total of 126,447 shares of Concho Resources Inc which is valued at $14.7 Million. Concho Resources Inc makes up approx 0.09% of Retirement Systems Of Alabama’s portfolio.

Concho Resources Inc opened for trading at $118 and hit $119.79 on the upside on Monday, eventually ending the session at $118.16, with a gain of 2.01% or 2.33 points. The heightened volatility saw the trading volume jump to 9,06,872 shares. Company has a market cap of $15,544 M.

On the company’s financial health, Concho Resources Inc reported $-0.05 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $0.00. The company had revenue of $283.60 million for the quarter, compared to analysts expectations of $273.92 million. The company’s revenue was down -31.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.06 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. 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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