Susquehanna Thinks Concho Resources’ Stock is Going to Recover


Susquehanna analyst Biju Perincheril reiterated a Buy rating on Concho Resources (CXO) on November 11 and set a price target of $174. The company’s shares closed yesterday at $129.84, close to its 52-week low of $123.63.

According to TipRanks.com, Perincheril is a 4-star analyst with an average return of 8.4% and a 51.6% success rate. Perincheril covers the Basic Materials sector, focusing on stocks such as CNX Resources Corporation, Continental Resources, and Range Resources Corp.

Currently, the analyst consensus on Concho Resources is a Moderate Buy with an average price target of $185.23, implying a 42.7% upside from current levels. In a report issued on November 1, Bernstein also upgraded the stock to Buy with a $181 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.

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