Morgan Stanley Upgrades Concho Resources Inc to Overweight with Price Target $173.00

Brokerage firm Morgan Stanley Upgrades its rating on Concho Resources Inc(NYSE:CXO). In a research note issued to the investors, the brokerage major Raises the price-target to $173.00 per share. The shares have been rated Overweight. Previously, the analysts had a Equal-weight rating on the shares. The rating by Morgan Stanley was issued on Jun 13, 2016.

In a different note, On Jun 7, 2016, Seaport Global said it Upgrades its rating on Concho Resources Inc. The shares have been rated ‘Accumulate’ by the firm. On May 16, 2016, Citigroup said it Maintains its rating on Concho Resources Inc. In the research note, the firm Raises the price-target to $124.00 per share. The shares have been rated ‘Buy’ by the firm. On Apr 18, 2016, Cowen & Company said it Downgrades its rating on Concho Resources Inc. In the research note, the firm Raises the price-target to $109.00 per share. The shares have been rated ‘Market Perform’ by the firm. On Apr 7, 2016, Citigroup said it Maintains its rating on Concho Resources Inc. In the research note, the firm Raises the price-target to $116.00 per share. The shares have been rated ‘Buy’ by the firm. Canaccord Genuity said it Initiates Coverage on Concho Resources Inc, according to a research note issued on Apr 5, 2016. The shares have been rated ‘Hold’ by the firm.

Concho Resources Inc (CXO) made into the market gainers list on Fridays trading session with the shares advancing 2.52% or 2.97 points. Due to strong positive momentum, the stock ended at $120.81, which is also near the day’s high of $120.9999. The stock began the session at $119.13 and the volume stood at 14,56,379 shares. The 52-week high of the shares is $129.07 and the 52 week low is $69.94. The company has a current market capitalization of $15,893 M and it has 13,15,50,680 shares in outstanding.

Concho Resources Inc(CXO) last announced its earnings results on May 4, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $283.56M. Analysts had an estimated revenue of $458.07M. Earnings per share were $-0.05.

Several Insider Transactions has been reported to the SEC. On Mar 16, 2016, Darin G Holderness (SVP, CFO & Treasurer) sold 16,813 shares at $105.14 per share price.Also, On Mar 16, 2016, C William Giraud (Exec VP, Chief Comm Off & Sec) sold 10,000 shares at $101.56 per share price.On Mar 16, 2016, Brenda R Schroer (VP and CAO) sold 500 shares at $101.30 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *