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Concho Resources (NYSE:CXO) was downgraded by equities research analysts at Wunderlich from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. They currently have a $137.00 target price on the stock, down from their previous target price of $147.00. Wunderlich’s target price indicates a potential upside of 5.43% from the company’s current price.

The analysts wrote, “Concho Resources (CXO) reported first quarter results and beat consensus by most measures. We have been big fans of Concho from inception and the company continues to impress. Concho is a first mover in multiple Permian resource plays and has a great land base with 22,000 drilling locations. With multiple plays captured, the company is ramping up. The company sold 6.5 million shares at $129 per share to accelerate drilling. “We revised our estimates to reflect the new share count: our NAV which is also our price target was lowered to $137 from $147. We are downgrading CXO to Hold as the stock has had a nice run and is fairly valued, in our view. We will revisit our rating and price target when we have more clarity on the company’s 2015 game plan.”

A number of other firms have also recently commented on CXO. Analysts at Societe Generale downgraded shares of Concho Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, May 6th. They now have a $137.00 price target on the stock, up previously from $125.00. Separately, analysts at Raymond James raised their price target on shares of Concho Resources from $140.00 to $155.00 in a research note on Wednesday, April 23rd. Finally, analysts at KLR Group downgraded shares of Concho Resources from a “buy” rating to an “accumulate” rating in a research note on Monday, April 21st. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. Concho Resources presently has an average rating of “Buy” and an average target price of $135.61.

Concho Resources (NYSE:CXO) opened at 129.94 on Tuesday. Concho Resources has a 52-week low of $79.10 and a 52-week high of $135.35. The stock’s 50-day moving average is $127.9 and its 200-day moving average is $112.8. The company has a market cap of $13.498 billion and a P/E ratio of 56.29.

Concho Resources (NYSE:CXO) last issued its quarterly earnings data on Monday, May 12th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.04. The company had revenue of $660.96 million for the quarter, compared to the consensus estimate of $629.78 million. During the same quarter in the previous year, the company posted $0.58 earnings per share. The company’s revenue for the quarter was up 40.0% on a year-over-year basis. Analysts expect that Concho Resources will post $4.55 EPS for the current fiscal year.

Concho Resources Inc(NYSE:CXO) is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties.

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