Analyst Rating Update on Concho Resources (CXO)

Concho Resources (NYSE:CXO) : Zacks Investment Research ranks Concho Resources (NYSE:CXO) as 3, which is a Hold recommendation. 14 research analysts consider that the stocks fundamentals point to a bright future, hence they rate the stock as a Strong Buy. 4 other analysts are mildly bullish on the stock and favor a Buy. A total of 3 analysts believe that the stock has a limited upside, hence they advise a Hold. The average broker rating of 21 research analysts is 1.48, which indicates as a Strong Buy.

Concho Resources (NYSE:CXO) : The consensus price target for Concho Resources (NYSE:CXO) is $134.84 for the short term with a standard deviation of $14.84. The most optimist securities analyst among the 19 who monitor the stock believes that the stock can reach $173, however, the pessimist price target for the company is $105.

For the current week, the company shares have a recommendation consensus of Buy. Also, Equity Analysts at the Brokerage Firm, Deutsche Bank, maintains their rating on the shares of Concho Resources (NYSE:CXO). Deutsche Bank has a Buy rating on the shares. As per the latest research report, the brokerage house raises the price target to $140 per share from a prior target of $132. The rating by the firm was issued on June 14, 2016.

Concho Resources (NYSE:CXO): stock turned positive on Tuesday. Though the stock opened at $118.56, the bulls momentum made the stock top out at $120.22 level for the day. The stock recorded a low of $117.39 and closed the trading day at $118.81, in the green by 2.88%. The total traded volume for the day was 1,858,713. The stock had closed at $115.48 in the previous days trading.

In an insider trading activity,The (SVP, CFO & Treasurer) of Concho Resources Inc, Holderness Darin G sold 16,813 shares at $105.14 on March 16, 2016. The Insider selling transaction had a total value worth of $1,767,719. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.

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 Companys 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 Companys 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 *