Weekly Research Analysts’ Ratings Updates for Concho Resources (CXO)

Concho Resources (NYSE: CXO) has recently received a number of price target changes and ratings updates:

  • 2/6/2018 – Concho Resources was downgraded by analysts at SunTrust Banks, Inc. from a “buy” rating to a “hold” rating. They now have a $180.00 price target on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 2/1/2018 – Concho Resources is now covered by analysts at Deutsche Bank AG. They set a “hold” rating and a $171.00 price target on the stock.
  • 2/1/2018 – Concho Resources was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong-buy” rating. They now have a $181.00 price target on the stock. According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Strong Buy'. CXO shares have gained 22.4% over the last six months, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which increased 16.9% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
  • 2/1/2018 – Concho Resources is now covered by analysts at Sanford C. Bernstein. They set an “outperform” rating and a $187.00 price target on the stock.
  • 1/30/2018 – Concho Resources was given a new $185.00 price target on by analysts at Jefferies Group LLC. They now have a “buy” rating on the stock.
  • 1/29/2018 – Concho Resources was given a new $195.00 price target on by analysts at Stifel Nicolaus. They now have a “buy” rating on the stock.
  • 1/24/2018 – Concho Resources had its price target raised by analysts at Morgan Stanley from $155.00 to $183.00. They now have an “overweight” rating on the stock.
  • 1/23/2018 – Concho Resources was given a new $159.00 price target on by analysts at Credit Suisse Group AG. They now have a “hold” rating on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 1/21/2018 – Concho Resources was given a new $165.00 price target on by analysts at KeyCorp. They now have a “buy” rating on the stock.
  • 1/18/2018 – Concho Resources was given a new $165.00 price target on by analysts at Cowen Inc. They now have a “hold” rating on the stock.
  • 1/14/2018 – Concho Resources had its “buy” rating reaffirmed by analysts at BMO Capital Markets. They now have a $200.00 price target on the stock.
  • 1/9/2018 – Concho Resources had its “buy” rating reaffirmed by analysts at Piper Jaffray Companies. They now have a $170.00 price target on the stock.
  • 1/4/2018 – Concho Resources was upgraded by analysts at Bank of America Corp from a “neutral” rating to a “buy” rating. They now have a $190.00 price target on the stock.
  • 12/29/2017 – Concho Resources was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Concho Resources' core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multi-year drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. Concho Resources also maintains a strong balance sheet, while following a prudent investment approach. However, until the uncertainty and volatility in oil prices subside, we see limited upside from current levels and maintain our cautious stance on Concho Resources shares. Service cost inflation and lack of geographical diversification also keep us on the sidelines.”
  • 12/27/2017 – Concho Resources was downgraded by analysts at KLR Group to a “hold” rating. They now have a $154.00 price target on the stock.
  • 12/21/2017 – Concho Resources was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $157.00 price target on the stock. According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained 4.7% over the last month, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which lost 0.3% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”
  • 12/21/2017 – Concho Resources was downgraded by analysts at KLR Group from a “buy” rating to a “hold” rating. They now have a $154.00 price target on the stock.
  • 12/20/2017 – Concho Resources was given a new $167.00 price target on by analysts at Royal Bank of Canada. They now have a “buy” rating on the stock.
  • 12/20/2017 – Concho Resources was given a new $173.00 price target on by analysts at Jefferies Group LLC. They now have a “buy” rating on the stock.
  • 12/18/2017 – Concho Resources was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Concho Resources' core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. However, we remain concerned of the service cost inflation and the company’s lack of geographical diversification. Further, until the commodity prices rebound sufficiently, we believe investors should exhibit caution before accumulating shares.”
  • 12/15/2017 – Concho Resources was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $155.00 price target on the stock. According to Zacks, “We are upgrading our investment thesis on Concho Resources to a 'Buy. CXO shares have gained 11.2% over the last three months, handily outperforming the Zacks Oil & Gas U.S. Exploration & Production industry, which rose just 7% over the same time period. The company's core operations are focused in the prolific Permian basin, providing this large-cap E&P with an enviable acreage of low-risk top-tier assets and a multiyear drilling inventory. While Concho's track record of production growth remains strong, it has been achieved at a competitive cost structure. CXO also maintains a robust balance sheet, while following a prudent investment approach. Consequently, we think CXO offers substantial upside potential from the current price levels and view it as an attractive investment.”

Concho Resources Inc (NYSE CXO) opened at $138.98 on Monday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.32. The company has a market cap of $20,665.77, a price-to-earnings ratio of 36.96 and a beta of 1.00. Concho Resources Inc has a 1 year low of $106.73 and a 1 year high of $162.91.

In other Concho Resources news, Chairman Timothy A. Leach sold 40,000 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $148.14, for a total transaction of $5,925,600.00. Following the transaction, the chairman now directly owns 737,837 shares of the company’s stock, valued at $109,303,173.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ray M. Poage sold 4,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $150.87, for a total transaction of $603,480.00. Following the transaction, the director now directly owns 24,799 shares in the company, valued at $3,741,425.13. The disclosure for this sale can be found here. Insiders have sold 127,759 shares of company stock worth $18,948,027 over the last three months. Company insiders own 0.99% of the company’s stock.

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 four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf.

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