Concho Resources (CXO) Receives Analyst Rating

Concho Resources (CXO) : 21 analysts are covering Concho Resources (CXO) and their average rating on the stock is 1.57, which is read as a Buy. 13 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. Concho Resources (CXO) also receives 4 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. A total of 4 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.

Concho Resources (CXO) : 20 investment research analysts covering Concho Resources (CXO) have an average price target of $147.55 for the near short term. The highest target price given by the Brokerage Firm to the stock is $187 and the lowest target is $114 for the short term. Analysts expect the variance to be within $16.73 of the average price.


Also, Citigroup maintains its view on Concho Resources (NYSE:CXO) according to the research report released by the firm to its investors. The shares have now been rated Buy by the stock experts at the ratings house. Citigroup raises the price target from $150 per share to $162 per share on Concho Resources . The rating by the firm was issued on August 26, 2016.

Concho Resources (NYSE:CXO): After opening at $124.15, the stock dipped to an intraday low of $123.43 on Thursday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $126.46 and the buying power remained strong till the end. The stock closed at $125.35 for the day, a gain of 1.54% for the day session. The total traded volume was 854,399. The stocks close on the previous trading day was $123.45.

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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