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Concho Resources (CXO) Received its Third Buy in a Row


After Seaport Global and Williams Capital gave Concho Resources (NYSE: CXO) a Buy rating last month, the company received another Buy, this time from RBC Capital. Analyst Scott Hanold reiterated a Buy rating on Concho Resources yesterday and set a price target of $158. The company’s shares closed yesterday at $115.02.

According to TipRanks.com, Hanold has 0 stars on 0-5 star ranking scale with an average return of -7.0% and a 36.1% success rate. Hanold covers the Basic Materials sector, focusing on stocks such as Jagged Peak Energy Inc, Anadarko Petroleum, and Devon Energy Corp.

Currently, the analyst consensus on Concho Resources is a Strong Buy with an average price target of $171.50, a 49.1% upside from current levels. In a report issued on January 2, KeyBanc also initiated coverage with a Buy rating on the stock with a $118 price target.

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The company has a one-year high of $163.11 and a one-year low of $93.31. Currently, Concho Resources has an average volume of 1.91M.

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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.