Concho Resources (CXO) Receives a Buy from Barclays
Barclays analyst Jeanine Wai maintained a Buy rating on Concho Resources (CXO) yesterday and set a price target of $77.00. The company’s shares closed last Monday at $44.25, close to its 52-week low of $33.13.
According to TipRanks.com, Wai is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -30.4% and a 15.7% success rate. Wai covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development, Continental Resources, and Occidental Petroleum.
Currently, the analyst consensus on Concho Resources is a Strong Buy with an average price target of $78.12, which is an 88.4% upside from current levels. In a report issued on March 9, Merrill Lynch also maintained a Buy rating on the stock with a $71.00 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 $1.25 billion and GAAP net loss of $471 million. In comparison, last year the company earned revenue of $1.07 billion and had a net profit of $1.51 billion.
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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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