In a report released yesterday, Phillip Jungwirth from BMO Capital reiterated a Buy rating on Concho Resources (CXO), with a price target of $200. The company’s shares opened today at $129.07, close to its 52-week low of $123.63.
According to TipRanks.com, Jungwirth is a 3-star analyst with an average return of 2.1% and a 46.4% success rate. Jungwirth covers the Basic Materials sector, focusing on stocks such as Continental Resources, Anadarko Petroleum, and Antero Resources.
Currently, the analyst consensus on Concho Resources is a Moderate Buy with an average price target of $185.23, a 43.5% upside from current levels. In a report issued on October 29, J.P. Morgan also maintained a Buy rating on the stock with a $188 price target.
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Based on Concho Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.19 billion and GAAP net loss of $199 million. In comparison, last year the company earned revenue of $627 million and had a GAAP net loss of $113 million.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock.
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Concho Resources, Inc. engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include New Mexico Shelf, Delaware Basin, Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
