UBS Maintains Concho Resources Inc to Neutral with Price Target $121.00

Brokerage firm UBS Maintains its rating on Concho Resources Inc(NYSE:CXO). In a research note issued to the investors, the brokerage major Raises the price-target to $121.00 per share. The shares have been rated Neutral. The rating by UBS was issued on Aug 3, 2016.

In a different note, On Jun 14, 2016, Deutsche Bank said it Maintains its rating on Concho Resources Inc. In the research note, the firm Raises the price-target to $132.00 per share. The shares have been rated ‘Buy’ by the firm. On Jun 13, 2016, Morgan Stanley said it Upgrades its rating on Concho Resources Inc. In the research note, the firm Raises the price-target to $83.00 per share. The shares have been rated ‘Overweight’ by the firm. 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.

Concho Resources Inc (CXO) made into the market gainers list on Fridays trading session with the shares advancing 1.21% or 1.6 points. Due to strong positive momentum, the stock ended at $133.73, which is also near the day’s high of $134.03. The stock began the session at $132.71 and the volume stood at 8,35,386 shares. The 52-week high of the shares is $134.03 and the 52 week low is $69.94. The company has a current market capitalization of $17,626 M and it has 13,17,99,601 shares in outstanding.

Concho Resources Inc(CXO) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $396.30M. Analysts had an estimated revenue of $487.03M. Earnings per share were $0.26. Analysts had estimated an EPS of $0.04.

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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