Why Has JP Morgan Given Concho Resources Inc (NYSE:CXO) a $123.00 Price Target
Analysts at JP Morgan have started coverage on shares of Concho Resources Inc (NYSE:CXO) in recent note released on Wednesday morning. The brokerage set Overweight rating on the $12.94 billion market cap company.
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 $131.53 with a 27.32% above today’s ($100.19) stock price. Concho Resources Inc. was the topic of 23 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.
The stock closed the day at $100.19 during the previous session. It is down 16.58% since May 6, 2015 and is downtrending. It has underperformed by 15.78% the S&P500.
The overall sentiment of institutions has decreased to 0.95 in Q2 2015. Its down 0.07, from 1.02 in 2015Q2. The ratio dropped, as 58 institutions have sold all the shares of Concho Resources Inc that they owned while 125 funds have taken shares off the table. 48 funds have purchased shares for the first time while 126 added to their positions. These institutions now hold 127.61 million shares or 9.51% more than the 116.53 million shares they owned in 2015Q2.
The Fund Astenbeck Capital Management Llc currently is holding shares equating to 10.33% of its total portfolio in Concho Resources Inc representing a total of 121,633 shares. Another fund,Cambrian Capital Limited Partnership, is holding a total of 107,362 shares equating to 6.51% of their holdings. Additionally, Encompass Capital Advisors Llc has a 287,573 share stake in Concho Resources Inc which represents 5.25% of their total portfolio. The Fund, Alta Advisers Ltd, based out of United Kingdom, has also built up a stake in the stock, which represents a total of 3.58% of their total portfolio. Finally Geosphere Capital Management, a fund which is based in the state of New York reported a total holdings of 12,500 shares.
Insider activity is a very important aspect to track on any stock. Going back to May 5, 2015, shareholders of Concho Resources Inc have witnessed 0 insider purchases, and a total of 2 insider sales equating to a net activity of approximately $1.78 million . Bridwell Tucker S sold 2,000 shares worth approximately $214,578. Giraud C William sold 12,683 shares worth approximately $1.57M. Beal Steven L sold 20,000 shares worth approximately $2.38M. Schroer Brenda R sold 800 shares worth approximately $96,965. The company insider Holderness Darin G sold 12,553 shares worth $1.57M.
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 $12.94 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 59.25 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).