Morgan Stanley analyst Drew Venker maintained a Sell rating on Concho Resources (CXO) today and set a price target of $62.00. The company’s shares closed last Monday at $65.59, close to its 52-week low of $62.56.
According to TipRanks.com, Venker is ranked 0 out of 5 stars with an average return of -12.9% and a 40.5% success rate. Venker covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp, Continental Resources, and Gulfport Energy Corp.
Concho Resources has an analyst consensus of Moderate Buy, with a price target consensus of $116.50.
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Based on Concho Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.13 billion and GAAP net loss of $97 million. In comparison, last year the company earned revenue of $1.19 billion and had a GAAP net loss of $199 million.
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.
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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.
