After Barclays and KeyBanc gave Concho Resources (NYSE: CXO) a Buy rating last month, the company received another Buy, this time from Williams Capital. Analyst Gabriele Sorbara reiterated a Buy rating on Concho Resources today and set a price target of $182. The company’s shares closed yesterday at $115.38.
According to TipRanks.com, Sorbara has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.4% and a 36.0% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Extraction Oil & Gas, and Oasis Petroleum Inc.
Concho Resources has an analyst consensus of Strong Buy, with a price target consensus of $149.36, implying a 29.5% upside from current levels. In a report issued on April 22, KeyBanc also maintained a Buy rating on the stock with a $124 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 55 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.
