Analysis: Concho Resources Inc (NYSE:CXO) Stock Target Has Been Increased Today
In an analyst research report revealed by Jefferies & Co on Wednesday morning, the firm, Concho Resources Inc (NYSE:CXO), had their price target lowered to $130.00. Analusts presently have a solid “Buy” rating on the stock.
From a total of 32 analysts covering Concho Resources Inc. (NYSE:CXO) stock, 27 rate it a ”Buy”, 0 a “Sell”, and 6 a ”Hold”. This means that 82% of the ratings are positive. The highest target price is $153 while the lowest target price is $107. The mean of all analyst targets is $131.72 with a 16.01% above today’s ($109.71) stock price. Concho Resources Inc. was the topic of 22 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Raymond James upgraded shares on December 1 to “Strong Buy” rating. Vetr downgraded shares to “Strong-Buy” rating and $118.11 target share price in a report from an August 31. SunTrust downgraded CXO stock in a recent report from October 6 to “Neutral” rating. Finally, Goldman Sachs downgraded the stock to “Neutral” rating in a report issued on a September 11.
Approximately 91,316 shares of stock traded hands. Concho Resources Inc (NYSE:CXO) has declined 12.78% since April 29, 2015 and is downtrending. It has underperformed by 12.58% the S&P500.
Concho Resources Inc. is an independent oil and natural gas firm engaged in the acquisition, development and exploration of oil and natural gas properties. The company has a market cap of $14.17 billion. 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. It has 64.88 P/E ratio.
According to Zacks Investment Research, “Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company’s conventional operations are primarily focused in the Permian Basin of Southeast New Mexico and West Texas. In addition, the Company is involved in a number of unconventional emerging resource plays.” Get a free copy of the Zacks research report on Concho Resources Inc (CXO).