After Barclays and Williams Capital gave Concho Resources (NYSE: CXO) a Buy rating last month, the company received another Buy, this time from KeyBanc. Analyst Leo Mariani maintained a Buy rating on Concho Resources today and set a price target of $124. The company’s shares opened today at $118.57.
According to TipRanks.com, Mariani is a 2-star analyst with an average return of 0.0% and a 44.3% success rate. Mariani covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Continental Resources, and Carrizo Oil & Gas.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Concho Resources with a $152.31 average price target, implying a 28.5% upside from current levels. In a report issued on April 11, Barclays also maintained a Buy rating on the stock with a $153 price target.
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Based on Concho Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.07 billion and net profit of $1.5 billion. In comparison, last year the company earned revenue of $947 million and had a net profit of $829 million.
Based on the recent corporate insider activity of 54 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, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.
