Siebert Williams Shank & Co Remains a Buy on Concho Resources (CXO)


In a report issued on March 9, Gabriele Sorbara from Siebert Williams Shank & Co maintained a Buy rating on Concho Resources (CXO), with a price target of $100.00. The company’s shares closed last Monday at $50.30.

According to TipRanks.com, Sorbara has 0 stars on 0-5 star ranking scale with an average return of -29.0% and a 21.6% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Extraction Oil & Gas, Matador Resources, and Laredo Petroleum.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Concho Resources with a $93.82 average price target, an 83.3% upside from current levels. In a report issued on February 28, Merrill Lynch also maintained a Buy rating on the stock with a $127.00 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 $1.5 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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