Maryland Capital Management Lowers stake in Concho Resources Inc (CXO)

Concho Resources Inc (CXO) : Maryland Capital Management reduced its stake in Concho Resources Inc by 9.1% during the most recent quarter end. The investment management company now holds a total of 127,765 shares of Concho Resources Inc which is valued at $17,086,013 after selling 12,798 shares in Concho Resources Inc , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Concho Resources Inc makes up approximately 2.55% of Maryland Capital Management’s portfolio.

Other Hedge Funds, Including , First Mercantile Trust Co boosted its stake in CXO in the latest quarter, The investment management firm added 5,739 additional shares and now holds a total of 8,759 shares of Concho Resources Inc which is valued at $1,171,341. Concho Resources Inc makes up approx 0.14% of First Mercantile Trust Co’s portfolio.Mutual Of America Capital Management boosted its stake in CXO in the latest quarter, The investment management firm added 1,359 additional shares and now holds a total of 15,156 shares of Concho Resources Inc which is valued at $1,909,808. Concho Resources Inc makes up approx 0.04% of Mutual Of America Capital Management’s portfolio.Winslow Evans Crocker boosted its stake in CXO in the latest quarter, The investment management firm added 1 additional shares and now holds a total of 40 shares of Concho Resources Inc which is valued at $4,914.Windward Capital Management Co Ca reduced its stake in CXO by selling 34 shares or 1.3% in the most recent quarter. The Hedge Fund company now holds 2,582 shares of CXO which is valued at $315,391. Concho Resources Inc makes up approx 0.06% of Windward Capital Management Co Ca’s portfolio.

Concho Resources Inc closed down -1.44 points or -1.06% at $134 with 15,42,954 shares getting traded on Friday. Post opening the session at $134.9, the shares hit an intraday low of $132.66 and an intraday high of $135.37 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Concho Resources Inc reported $0.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.20 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.06. The company had revenue of $396.30 million for the quarter, compared to analysts expectations of $434.21 million. The company’s revenue was down -26.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.38 EPS.

Many Wall Street Analysts have commented on Concho Resources Inc. Concho Resources Inc was Upgraded by Morgan Stanley to ” Overweight” on Jun 13, 2016. Concho Resources Inc was Upgraded by Seaport Global Securities to ” Accumulate” on Jun 7, 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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