Concho Resources (CXO) Gets a Buy Rating from RBC Capital


RBC Capital analyst Scott Hanold maintained a Buy rating on Concho Resources (CXO) today and set a price target of $73.00. The company’s shares closed last Thursday at $50.71.

According to TipRanks.com, Hanold has 0 stars on 0-5 stars ranking scale with an average return of -13.8% and a 33.5% success rate. Hanold covers the Utilities sector, focusing on stocks such as Centennial Resource Development, Southwestern Energy, and Matador Resources.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Concho Resources with a $72.72 average price target, which is a 38.8% upside from current levels. In a report issued on July 15, Wolfe Research also maintained a Buy rating on the stock with a $63.00 price target.

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Based on Concho Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $922 million and GAAP net loss of $9.28 billion. In comparison, last year the company earned revenue of $1.1 billion and had a GAAP net loss of $695 million.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CXO in relation to earlier this year.

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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.

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