Rainier Investment Management buys $37,142,170 stake in Concho Resources Inc (CXO)

Concho Resources Inc (CXO) : Rainier Investment Management scooped up 86,610 additional shares in Concho Resources Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 277,740 shares of Concho Resources Inc which is valued at $37,142,170.Concho Resources Inc makes up approximately 1.72% of Rainier Investment Management’s portfolio.

Other Hedge Funds, Including , Pine River Capital Management reduced its stake in CXO by selling 100,098 shares or 52.11% in the most recent quarter. The Hedge Fund company now holds 92,000 shares of CXO which is valued at $12,303,160. Concho Resources Inc makes up approx 0.68% of Pine River Capital Management’s portfolio.Ameritas Investment Partners boosted its stake in CXO in the latest quarter, The investment management firm added 127 additional shares and now holds a total of 2,577 shares of Concho Resources Inc which is valued at $344,622. Concho Resources Inc makes up approx 0.02% of Ameritas Investment Partners’s portfolio.Maryland Capital Management reduced its stake in CXO by selling 12,798 shares or 9.1% in the most recent quarter. The Hedge Fund company now holds 127,765 shares of CXO which is valued at $17,086,013. Concho Resources Inc makes up approx 2.55% of Maryland Capital Management’s portfolio.Tributary Capital Management reduced its stake in CXO by selling 4,700 shares or 66.2% in the most recent quarter. The Hedge Fund company now holds 2,400 shares of CXO which is valued at $317,112. Concho Resources Inc makes up approx 0.04% of Tributary Capital Management’s portfolio.William Blair Investment Management boosted its stake in CXO in the latest quarter, The investment management firm added 6,755 additional shares and now holds a total of 352,659 shares of Concho Resources Inc which is valued at $46,596,834. Concho Resources Inc makes up approx 0.17% of William Blair Investment Management’s portfolio.

Concho Resources Inc opened for trading at $128.57 and hit $130.54 on the upside on Thursday, eventually ending the session at $130.5, with a gain of 1.01% or 1.3 points. The heightened volatility saw the trading volume jump to 10,63,994 shares. Company has a market cap of $17,200 M.

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. Company shares were Reiterated by Credit Suisse on Aug 24, 2016 to “Outperform”, Firm has raised the Price Target to $ 154 from a previous price target of $145 .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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