Seaport Global Upgrades Concho Resources Inc to Accumulate

Brokerage firm Seaport Global Upgrades its rating on Concho Resources Inc(NYSE:CXO). The shares have been rated Accumulate. Previously, the analysts had a Neutral rating on the shares. The rating by Seaport Global was issued on Jun 7, 2016.

In a different note, 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) shares turned negative on Fridays trading session with the shares closing down -4.69 points or -3.77% at a volume of 9,90,872. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $123.72. The peak price level was also seen at $123.72 while the days lowest was $119.13. Finally the shares closed at $119.78. The 52-week high of the shares is $129.07 while the 52-week low is $69.94. According to the latest information available, the market cap of the company is $15,757 M.

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.

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