Citigroup Sticks to Its Hold Rating for Concho Resources (CXO)
Citigroup analyst Scott Gruber maintained a Hold rating on Concho Resources (CXO) today and set a price target of $74.00. The company’s shares closed last Monday at $65.82, close to its 52-week low of $61.37.
According to TipRanks.com, Gruber is a 1-star analyst with an average return of -3.6% and a 39.2% success rate. Gruber covers the Basic Materials sector, focusing on stocks such as Ncs Multistage Holdings Inc, Diamond Offshore Drilling, and Oceaneering International.
Currently, the analyst consensus on Concho Resources is a Moderate Buy with an average price target of $114.34.
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Concho Resources’ market cap is currently $13.24B and has a P/E ratio of 26.03. The company has a Price to Book ratio of 0.74.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CXO in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Concho Resources, Inc. engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.