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Concho Resources (CXO) Gets a Buy Rating from Piper Jaffray


Piper Jaffray analyst Kashy Harrison maintained a Buy rating on Concho Resources (NYSE: CXO) today. The company’s shares opened today at $150.50.

According to TipRanks.com, Harrison is a 3-star analyst with an average return of 4.4% and a 53.7% success rate. Harrison covers the Basic Materials sector, focusing on stocks such as Wildhorse Resource Development Corp, Sanchez Energy Corporation, and Continental Resources.

Concho Resources has an analyst consensus of Moderate Buy, with a price target consensus of $182.75, a 21.4% upside from current levels. In a report issued on September 24, SunTrust Robinson also upgraded the stock to Buy with a $170 price target.

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Concho Resources’ market cap is currently $22.62B and has a P/E ratio of 20.16. The company has a Price to Book ratio of 2.29.

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.