Concho Resources (NYSE:CXO) Has Just Been Upgraded by Raymond James to a Strong Buy Rating


Concho Resources (NYSE:CXO) Stock Upgrade

Equity analysts at Raymond James’s equity division raised the rating on shares of Concho Resources (NYSE:CXO) from a Outperform to a Strong Buy earlier today. The analysts now have a $146 PT on CXO or a 30.21% upside.

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 $131.19 with a 12.87% above today’s ($112.04) stock price. Concho Resources Inc. was the topic of 21 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on October 8 with “Outperform” rating. Suntrust Robinson downgraded CXO stock in a recent report from October 6 to “Neutral” rating. Finally, Vetr downgraded the stock to “Strong-Buy” rating in a report issued on an August 31.

Approximately 321,852 shares of stock traded hands. Concho Resources Inc (NYSE:CXO) has declined 13.15% since April 28, 2015 and is downtrending. It has underperformed by 11.53% 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 $14.32 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 66.25 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)