There’s a lot to be optimistic about in the Utilities sector as 2 analysts just weighed in on Concho Resources (CXO) and Canadian Natural (CNQ) with bullish sentiments.
Concho Resources (CXO)
In a report released yesterday, Scott Hanold from RBC Capital maintained a Buy rating on Concho Resources, with a price target of $65.00. The company’s shares closed last Wednesday at $41.41, close to its 52-week low of $33.13.
According to TipRanks.com, Hanold has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -16.3% and a 28.5% success rate. Hanold covers the Utilities sector, focusing on stocks such as Centennial Resource Development, Southwestern Energy, and Matador Resources.
Concho Resources has an analyst consensus of Moderate Buy, with a price target consensus of $64.47, a 51.9% upside from current levels. In a report issued on October 14, Siebert Williams Shank & Co also maintained a Buy rating on the stock with a $70.00 price target.
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Canadian Natural (CNQ)
RBC Capital analyst Gregory Pardy maintained a Buy rating on Canadian Natural on October 27 and set a price target of C$31.00. The company’s shares closed last Wednesday at $15.76.
According to TipRanks.com, Pardy has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -9.3% and a 38.5% success rate. Pardy covers the Utilities sector, focusing on stocks such as Vermilion Energy, Cenovus Energy, and Baytex Energy.
Currently, the analyst consensus on Canadian Natural is a Strong Buy with an average price target of $23.77, implying a 50.8% upside from current levels. In a report issued on October 13, Scotiabank also maintained a Buy rating on the stock with a C$33.00 price target.
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