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

Concho Resources Inc (CXO) : Channing Capital Management reduced its stake in Concho Resources Inc by 2.81% during the most recent quarter end. The investment management company now holds a total of 109,040 shares of Concho Resources Inc which is valued at $13,740,130 after selling 3,152 shares in Concho Resources Inc , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Concho Resources Inc makes up approximately 0.55% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , Aberdeen Asset Management Plcuk reduced its stake in CXO by selling 5,260 shares or 15.0% in the most recent quarter. The Hedge Fund company now holds 29,797 shares of CXO which is valued at $3,754,720. Concho Resources Inc makes up approx 0.01% of Aberdeen Asset Management Plcuk’s portfolio.Advisory Services Network reduced its stake in CXO by selling 38 shares or 38.78% in the most recent quarter. The Hedge Fund company now holds 60 shares of CXO which is valued at $7,177.Essex Investment Management Co boosted its stake in CXO in the latest quarter, The investment management firm added 10,925 additional shares and now holds a total of 30,756 shares of Concho Resources Inc which is valued at $3,678,725. Concho Resources Inc makes up approx 0.58% of Essex Investment Management Co’s portfolio.Shell Asset Management Co boosted its stake in CXO in the latest quarter, The investment management firm added 15,537 additional shares and now holds a total of 35,594 shares of Concho Resources Inc which is valued at $4,257,398. Concho Resources Inc makes up approx 0.10% of Shell Asset Management Co’s portfolio. Eqis Capital Management added CXO to its portfolio by purchasing 1,972 company shares during the most recent quarter which is valued at $240,880. Concho Resources Inc makes up approx 0.02% of Eqis Capital Management’s portfolio.

Concho Resources Inc closed down -0.11 points or -0.09% at $125.9 with 13,62,220 shares getting traded on Thursday. Post opening the session at $125.75, the shares hit an intraday low of $124.72 and an intraday high of $128.19 and the price fluctuated in this range throughout the day.Shares ended Thursday 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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