Analyst Price Target Update on Concho Resources (NYSE:CXO)

Concho Resources (NYSE:CXO): 19 Analyst have given the stock of Concho Resources (NYSE:CXO) a near short term price target of $128.9. The standard deviation reading, which is a measure by which the stock price is expected to swing away from the mean estimate, is at $15.41. The higher price target estimate is at $150 while the lower price estimates are fixed at $83.

Many analysts have stated their opinion on the company shares. In a research note released to the investors, Seaport Global upgrades its rating on Concho Resources (NYSE:CXO).The analysts at the brokerage house have a current rating of Accumulate on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. The rating by the firm was issued on June 7, 2016. For the current week, the company shares have a recommendation consensus of Buy.

On the companys insider trading activities,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 (NYSE:CXO) stock ended Monday session in the red zone in a volatile trading. The stock closed down 0.11 points or 0.09% at $119.67 with 1,295,220 shares getting traded. Post opening the session at $119.49, the shares hit an intraday low of $118.86 and an intraday high of $121.39 and the price was in this range throughout the day. The company has a market cap of $15,743 million and the number of outstanding shares have been calculated to be 131,550,680 shares. The 52-week high of Concho Resources (NYSE:CXO) is $129.07 and the 52-week low is $69.94.

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.

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